US and China Agree to Slash Reciprocal Tariffs by 115% in Trade Truce
| Aspect | Details |
|---|---|
| Event | US and China agree to slash reciprocal tariffs by 115% |
| Key Figures | Scott Bessent (US Treasury Secretary), He Lifeng (Chinese Vice Premier) |
| Location of Talks | Geneva |
| Duration | 90-day truce |
| Tariff Reduction | Reciprocal tariffs reduced by 115% |
| US Tariffs on China | 145% tariffs initially imposed |
| China's Tariffs on US | Reduced to 10%; additional 24% tariffs suspended and 91% extra duties cancelled |
| Background | Years of escalating trade tensions, disrupting global trade and causing inflationary pressures |
| Negotiation Process | Described as "in-depth" and "candid" by Chinese officials |
| Global Impacts | Temporary economic relief; India saw increased exports to US; China's exports to US fell 20% |
| Significance | Reduces global economic uncertainty; opens window for further trade negotiations |