US-China Trade War Concludes: Agreement Reached with 115% Tariff Reduction

New Delhi (The Uttam Hindu): The tariff war between the US and China is now on the verge of ending. Both countries sealed this agreement after a two-day long meeting in Geneva. In a joint statement issued by the two economic powers of the world, it has been said that a break of 90 days has been imposed on the current tariff. US Treasury Secretary Scott Besant said that both countries have not only agreed to stop the current tariff but have also agreed to reduce it.

According to Besant, the tariff imposed by both the countries on each other has been reduced by about 115 percent. In these 90 days, the US tariff on Chinese goods will be reduced from 145 percent to 30 percent. On the other hand, China will also reduce the tariff on American goods from 125 percent to 10 percent. Besant described the talks with Chinese officials as very positive and emphasized that both the countries have respected each other. US Trade Representative Jameson Greer says that it is important to understand how we finalized the agreement so quickly. This shows that there were probably not many differences between us. He said that the main goal of the Trump administration is to reduce its trade deficit with China, which increased to a record $ 263 billion last year. Greer further said that he is confident that the agreements reached with the Chinese partner will help them and help overcome the national emergency.