8 hours agoUS and China Reach Customs Landing Agreement
Periskopi(a year ago)
(a year ago)The United States and China have agreed to a significant decrease in customs duties for trading goods, following negotiations held last weekend. Speaking in Geneva, US Treasury Secretary Scott Bessent said that the “both sides would lower customs duties by 115 percent”, as [...]
Speaking in Geneva, US Treasury Secretary Scott Bessent said the “both sides would lower customs tariffs by 115 per cent”, as agreed on a 90-day suspension.
The Chinese Ministry of Commerce has confirmed the suspension of “of all counterdoganial measures” undertaken against the US since 2 April, Reuters reports.
This is an important step towards the reduction of the trade war, which had intensified last month.
Since coming to office in January, US President Donald Trump has increased the tariffs for imports from China to 145 percent, in addition to what he had decided during his first term and the fees added by President Joe Biden's administration.
China has responded by restricting the export of some rare minerals and increasing tariffs for American goods to 125 percent, as well as setting additional tariffs for certain products, including liquid soybeans and natural gas.
Bessent told reporters that the “both sides showed great respect” during the talks and that “both want a balanced” trade. / REL/
