US and China agree to slash tariffs for 90 days

[SunSeeker]

1. So, US tariffs were cut from 145% to 30%, while China's were cut from 125% to 10%.

HONG KONG — The United States and China said Monday they had agreed to a 90-day pause on most of the tariffs they have imposed on each other since last month, in a major step toward easing a trade war between the two powers that has rattled the global economy.

U.S. tariffs on Chinese imports will be cut to 30% from 145%, while China’s levies on U.S. imports will be cut to 10% from 125%, the two countries said in a joint statement.

The announcement comes after the two countries met in Geneva, Switzerland, over the weekend to discuss the mounting tariffs, which have made trade between the world’s two largest economies all but impossible.

The two countries said they would also “establish a mechanism to continue discussions about economic and trade relations.” The U.S. will continue to be represented by Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer, while China will continue to be represented by Vice Premier He Lifeng.

https://www.nbcnews.com/world/asia/tariffs-china-trump-agree-slash-levies-duties-business-markets-bessent-rcna206193

That's quite a cave from 80%, let alone 145%! 30% is still too much, of course. I don't expect it will stay 30% for 90 days, as our ports languish and shelves become bare. Trump's caving will continue.

Trump’s tariff war has been a pointless, destructive shitshow.