The US and China have reached a deal to slash trade tariffs for 90 days
US Treasury Secretary Scott Bessent says both sides will cut tariffs by 115%
It means US tariffs on Chinese imports will fall to 30%, while Chinese tariffs on US goods will fall to 10%
US Treasury Secretary Scott Bessent admitted the tariffs in place amounted to a de facto “trade embargo” between the world’s two biggest economies.
Those tariffs will now be reduced to more workable levels for an initial 90-day period. It’s a boost to the two protagonists involved.
But – in an interconnected world that continues to rely on strong US demand – this rapprochement will be welcomed internationally.
The rest of the world could not afford trade between the US and China to grind to a halt altogether.
