US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer had announced that 'significant progress' had been made in trade talks with China and that the two countries had reached an agreement aimed at reducing the US trade deficit, noting that details would be announced this morning (May 12).
In today's press conference, US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer announced that it had been decided to reduce customs duties between the two countries by 115 percent and to implement a 90-day truce.
Accordingly, the US has reduced the 145 percent tariff it applied to China to 30 percent, while China has reduced the 125 percent tariff it applied to the US to 10 percent.
News Source: 12punto
