The United States and China have arrived at a preliminary customs agreement, the White House writes in a joint statement from the two countries on Monday morning. The US Finance Minister Scott Bessent says at a press conference on Monday morning that they have reached an agreement. “Both parties will lower the tariff rates by 115 percentage points,” he says, according to Reuters. Thus, the United States lowers customs on Chinese goods from 145 percent to 30 percent, while China lowers its tariffs on US goods from 125 to 10 percent. The agreement is temporary and will apply for the next 90 days.
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