The United States and China agreed Monday to a 90-day truce in their raging trade war — with each agreeing for now to slash reciprocal tariffs by more than 100 percentage points, bringing China’s duty rate down to just 10%.
Under the agreement, the US will drop its 145% tariff rate on Chinese goods to 30%, while China will lower its rate to 10% from 125%, officials said.
The agreement also includes a mechanism for talks toward a permanent deal to continue — and the two sides spoke about how they will both address the flow of fentanyl from China to the US, a White House readout of the agreement read.
Stock markets rose sharply following the news as the world’s two largest economies stepped back from a clash that had upended the global economy.
