US-China Trade War: Landmark Geneva Deal Brings Hope for Resolution

Geneva Deal: US and China Agree to Massive Tariff Cuts Geneva, Switzerland – In a surprising development, the United States and China have reached a significant agreement to de-escalate their ongoing trade war. The deal, announced on Monday, May 12th, involves substantial reductions in mutual tariffs and a 90-day truce to facilitate further negotiations. This follows months of escalating tensions and reciprocal tariff increases that have impacted global markets. The agreement will see the U.S. reduce its tariff rate on Chinese goods from a hefty 145% to 30%. Simultaneously, China will lower its tariffs on U.S. goods from 125% to a mere 10%. This represents a dramatic 115% reduction in Chinese tariffs. CGTN Europe's Ken Browne, reporting from Geneva, stated, "This is big news. We've seen a joint statement released between China and the United States related to this trade dispute. The talks were candid and mutually respectful." The 90-day truce provides a window for both sides to engage in further negotiations and potentially reach a more comprehensive trade agreement. While this agreement marks a significant step towards resolving the trade conflict, many challenges remain. The 90-day period will be crucial in determining whether the two nations can find common ground on long-term trade issues. The deal, however, offers a glimmer of hope for a more stable and cooperative economic relationship between the U.S. and China.