Temporary Tariff Relief Marks Progress in Trade War
(MENAFN) China has described the newly agreed 90-day suspension of mutual tariffs with the United States as a move that benefits not just the two nations, but the international community as a whole.
In a statement released Monday, China’s Ministry of Commerce noted the decision “is in line with the expectations of producers and consumers in both countries,” emphasizing that the temporary agreement aligns with the interests of industry and the public in both economies.
This breakthrough came after comprehensive negotiations held over the weekend in Geneva, Switzerland.
Leading the discussions for the U.S. were Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer, while China was represented by Vice Premier He Lifeng, a senior trade envoy.
The deliberations culminated in an agreement to significantly reduce punitive tariffs for a three-month period, a development that has injected a rare sense of optimism into a lengthy and strained trade dispute.
According to a unified statement from both Washington and Beijing, this initial phase of tariff reduction is seen as a critical step toward broader economic cooperation.
The Chinese Commerce Ministry expressed hope that the United States would now "continue to work with China to meet each other halfway based on this meeting, thoroughly correct the wrong practice of unilateral tariff increases, continuously strengthen mutually beneficial cooperation, maintain the healthy, stable and sustainable development of China-US economic and trade relations, and jointly inject more certainty and stability into the world economy."
As part of the agreement, both countries will begin implementing major tariff reductions by May 14.
The U.S. plans to cut its duties on Chinese imports from 145 percent down to 30 percent, while China will lower its tariffs on American goods from 125 percent to 10 percent.
This mutual easing of trade barriers by the world’s two largest economies is viewed as a constructive gesture that could pave the way for more enduring economic collaboration.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
