US and China Reach Landmark Trade Deal: Tariffs Slashed by 115%

China and the US have made a breakthrough in trade talks. Chinese Vice Premier He Lifeng announced that the two countries have reached an important consensus during high-level negotiations in Geneva. Both sides agreed to reduce tariffs by 115%, with the US cutting tariffs on Chinese imports from 145% to 30% and China reducing tariffs from 125% to 10%. This significant reduction is expected to boost bilateral trade and economic cooperation. "The meeting achieved substantial progress and reached important consensus," He Lifeng stated. The two sides also agreed to establish a consultation mechanism to address trade and economic issues, ensuring ongoing dialogue and cooperation. A joint statement outlining the details of the agreement was released on May 12th. This positive development marks a significant step towards improving trade relations between the two economic giants.