US and China agree to slash tariffs following negotiations.
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GUEST – Isaah Mhlanga - Chief Economist and Head of Research at RMB
The US and China have agreed a deal that will significantly cut the import tariffs they have imposed on each other in a major de-escalation of their trade war.
The changes mean that US tariffs on Chinese imports will fall to 30% from 145%, while China's tariffs on US goods will drop to 10% from 125%. The announcement came after intensive talks in Switzerland, the first between the two countries since US President Donald Trump had levied steep tariffs on Chinese imports last month.
The US and China have agreed a deal that will significantly cut the import tariffs they have imposed on each other in a major de-escalation of their trade war.
The changes mean that US tariffs on Chinese imports will fall to 30% from 145%, while China's tariffs on US goods will drop to 10% from 125%. The announcement came after intensive talks in Switzerland, the first between the two countries since US President Donald Trump had levied steep tariffs on Chinese imports last month.
