China and the United States have agreed to a partial truce in their trade war, which escalated to record highs in April. Following talks this weekend in Geneva, the two countries will cut their reciprocal tariffs by 115% from 14 May. China will reduce from 125% tariffs on US goods to 10%, while the US will reduce from 145% tariffs on Chinese goods to 30%.

The pact was announced on Monday in a joint communiqué, released after negotiations held in Geneva between representatives of the governments of both countries, during which they also agreed to create a permanent consultation mechanism. According to EFE, this instrument of dialogue will be led by the Chinese Vice Premier, He Lifeng, the US Secretary of the Treasury, Scott Bessent, and the US Trade Representative, Jamieson Greer.

One of the issues that has received the most attention during the negotiations has been fentanyl. In fact, part of the US tariffs on Chinese products were aimed at combating Chinese exports of the chemicals necessary for the production of this drug. In this sense, as Bessent explained in a statement, ‘there was a surprising compromise in addressing the fentanyl crisis’ given that ‘China understood the magnitude of what is happening in the United States’.

News and image obtained: "Diario El Canal"

https://www.diarioelcanal.com/china-y-ee-uu-se-rebajan-los-aranceles-un-115-durante-90-dias/