Brief by Shorts91 Newsdesk / 07:58am on 12 May 2025,Monday International
The United States and China have agreed to slash reciprocal tariffs, marking a significant de-escalation in their ongoing trade war. Following negotiations in Geneva, U.S. Treasury Secretary Scott Bessent announced a 90-day halt on tariff measures, with reciprocal tariffs reduced by 115%. China plans to fix tariffs on U.S. goods at 10%, suspend an additional 24% tariffs for the next 90 days, and eliminate an extra 91% tariffs. This agreement comes as trade tensions had begun benefiting India, with U.S. buyers turning to Indian suppliers due to the previously imposed 145% tariffs on Chinese goods. China's exports to the U.S. fell over 20% in April, while overall exports rose 8.1% year-on-year, driven by strong performance in ASEAN and other markets. (PC: AP)
