US and China agree to cut tariffs by 90 days

The US and China have agreed with the temporary reduction of the tariffs they impose on each other’s import.

US Treasury Secretary Scott Bavert said that both countries would reduce mutual tariffs by 115% in 90 days.

The announcement occurred after China and the United States held trade talks in Switzerland last weekend, which has previously called “productive and constructive”.

It was the first meeting between the two countries, as US President Donald Trump confused the steep tariffs against China on his goods that are part of America in January.

Trump imposed 145% of the tariff for Chinese imports, and Beijing responded to a 125% fee for some US goods.

Huge tariffs caused upset in the financial markets and caused fear of global recession.

However, American tariffs for Chinese imports will now decrease up to 30% in 90 days, while Chinese import tariffs will decrease up to 10% over the same period.