Geneva: The US and China on Monday agreed to suspend the mutual fee for 90 days, which the two countries recently imposed on each other. During this period, the two countries will try to resolve trade disputes and reach the trade agreement. At present, the two countries have agreed to postpone the steps taken against each other for 90 days. During this period both sides will hold trade talks and resolve the dispute.
The global economy that has been relieved by two economic superpowers in the world towards resolving their trade disputes. This led to a bounce in the global stock markets. American trade representative Zamison Greer said that the US has agreed to reduce the tariff on Chinese goods from 145% to 115% and then 30%. While China has also agreed to reduce tariffs on American goods to 10 percent.
Greece and Treasury Secretary Scott Besant announced a reduction in tariffs at a press conference in Geneva. The two officials said in a positive tone that they would continue to discuss the business dispute. Besant said that business has become impossible for both sides due to high taxes and there is no benefit from it. So at the end of the weekend talks, the two sides agreed that no economy wanted to separate from another. We want more balanced business. I believe that both parties are committed to this.
China’s Ministry of Commerce said that the two countries have agreed to abolish 91 percent tariffs on each other’s goods. It has also agreed to suspend 24 percent tariffs for the next 90 days. This resulted in a total of 115 percent marks decreased. The Ministry described the agreement as important for leaving behind differences between the two countries and laying the foundation of future cooperation.
China hoped that the US would stop the wrong practice of unilateral tariffs. In addition, it will work to develop and preserve economic and business relations with China.
This will bring more stability and certainty in the global economy. A statement issued by the two countries said that China has also decided to remove the steps taken in response to American tariff measures after April 2.
