Tokyo | The US and China have agreed to slash tariffs for 90 days in a bid to de-escalate a simmering trade war that has roiled markets and threatened global growth.
Speaking after talks with Chinese officials in Geneva, US Treasury Secretary Scott Bessent told reporters on Monday the US would cut existing tariffs of 145 per cent to 30 per cent. China, for its part, will lower its duties on US imports to 10 per cent from 125 per cent.
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Jessica Sier is the North Asia Correspondent for The Australian Financial Review. She is based in Tokyo, Japan. Jessica has previously written on technology, global capital markets and economics. Connect with Jessica on Twitter. Email Jessica at jessica.sier@afr.com
