BUSINESS STANDARD 

SUMMARY

Amid ongoing discussions regarding a trade agreement, the United States and China have jointly declared a 90-day pause on a portion of their existing tariffs, as outlined in a statement released by both countries. US Treasury Secretary Scott Bessent revealed that the two nations had agreed not only to a temporary suspension but also to a notable reduction in current tariff levels. According to Bessent, the tariff cuts will be reciprocal, with each side reducing rates by 115 per cent. 

During this 90-day window, the US will lower its tariffs on Chinese goods from 145 percent to 30 per cent. In a similar move, China will bring down tariffs on American imports from 125 per cent to 10 per cent.

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