The United States and China have agreed to a 90-day suspension of most tariffs imposed on each other. This agreement marks a reduction in the ongoing trade war between the two economic powers. The suspension will be in effect until May 14.
The trade war began when the U.S. implemented tariffs on Chinese goods. China responded with retaliatory measures, escalating tensions. The new agreement aims to de-escalate the conflict.
Following negotiations in Geneva, both countries announced the suspension. The move was welcomed by financial markets, with Wall Street indices showing positive gains. Further talks are planned to address non-tariff barriers.
This article is based on our author's analysis of materials taken from the following resources: Reuters.