US and China agree to lower tariffs in trade war de-escalation – video

The US and China have agreed to substantially lower tariffs on each other’s goods for 90 days after negotiations. Speaking in Geneva, the US treasury secretary, Scott Bessent, said ‘both sides will move their tariffs down by 115%’. It is a significant de-escalation in the trade war that blew up last month. Before the latest deal, the US had raised its tariffs on China to 145% – including the 20% tariff added to tackle fentanyl imports into the US – with Beijing having retaliated with 125% tariffs on US imports