The United States and China have agreed a deal to slash reciprocal tariffs in an effort by the Washington and Beijing to de-escalate a trade war that has kept the global financial markets on edge, news agency Reuters reported.
After talks with Chinese officials in Geneva, US Treasury Secretary Scott Bessent told the media that both the sides had reached an agreement to halt the measures for 90 days and that reciprocal tariffs would come down by 115 per cent.
According calculations based on China commerce ministry statement, China is all set to fix tariffs on US goods at 10 per cent while suspend additional 24 per cent tariffs for next 90 days and junk additional 91 per cent tariffs.
This comes as trade tensions between the two countries had started benefiting India, as US buyers began turning to Indian suppliers following the imposition of 145 per cent tariffs by the US on Chinese goods. These tensions have also improved India’s prospects for deeper economic integration with Western nations.
