China, US Slash Sweeping Tariffs in Trade War Climbdown
The United States and China slashed sweeping tariffs on each others’ goods for 90 days on Wednesday, marking a temporary de-escalation in a brutal trade war that roiled global markets and international supply chains.
Washington and Beijing agreed to drastically lower sky-high tariffs in a deal that emerged from pivotal talks at the weekend in Geneva, AFP reported.
US President Donald Trump said Washington now had the blueprint for a “very, very strong” trade deal with China that would see Beijing’s economy “open up” to US businesses, in an interview broadcast Tuesday on Fox News.
“We have the confines of a very, very strong deal with China. But the most exciting part of the deal … that’s the opening up of China to US business,” he told the US broadcaster while aboard Air Force One on the way to the start of his Gulf tour.
“One of the things I think that could be most exciting for us and also for China, is that we’re trying to open up China,” he added, without elaborating.
Trump had upended international commerce with his sweeping tariffs across economies, and China has been especially hard hit.
