The White House announced on Sunday that the United States and China had reached a trade agreement after two days of trade talks in Geneva.
The United States and China have agreed to significantly reduce tariffs on each other’s goods for a period of 90 days, CNN reported.
The two countries announced in a joint statement that the United States would temporarily reduce its tariffs on Chinese goods from 145 percent to 30 percent, while China would also reduce its tariffs on imports of American goods from 125 percent to 10 percent.
The statement was announced on Monday (May 12) after intensive trade talks between representatives of the two countries in Geneva, and it also led to increased optimism in global markets.
The statement said these talks could be held periodically in China, the United States, or a third country agreed upon by the parties.
