U.S., China Issue Joint Statement on Trade Tariff Reductions

The United States and China held trade negotiations in Geneva resulting in a joint statement committing to reduce tariffs and establish ongoing dialogue mechanisms. The U.S. agreed to suspend a significant portion of additional tariffs on Chinese goods, reducing rates from 145% to 30% for a 90-day period, while China reciprocated by lowering duties on American imports from 125% to 10%. Both sides described the talks as constructive and substantive, emphasizing progress and an important consensus. They also agreed to create a trade consultation mechanism to continue addressing economic and trade issues, led by key officials from both countries. The announcement positively impacted American markets, with major indices like the S&P 500, NASDAQ 100, and DOW experiencing notable gains. Officials highlighted that the remaining differences between the two nations are less severe than previously thought, signaling improved relations in economic matters.