U.S. and China agree to slash tariffs for 90 days in major trade breakthrough
Publishing timestamp: 2025-05-12 07:16:49
Summary
The U.S. and China have agreed to suspend most tariffs on each other's goods, showing a major thawing of trade tensions. The deal means reciprocal tariffs will be cut from 125% to 10%, with the exception of U.S. duties on Chinese imports related to fentanyl. The agreement comes after high-stakes talks in Switzerland and has led to a positive response in financial markets.
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Keywords: u.s. economy, business news, foreign policy, scott bessent, breaking news: politics, donald trump, stoxx 600, china, donald j. trump, united states, trade, politics,
Source: https://www.cnbc.com/2025/05/12/us-and-china-agree-to-slash-tariffs-for-90-days.html