US and China Agree to 90-Day Tariff Truce: A Major Step Towards Trade War Resolution

The U.S. and China have reached a significant agreement to temporarily ease the trade war that has been impacting the global economy. Both nations have agreed to a 90-day pause on most tariffs, a move that has been hailed as a major step towards de-escalation. The U.S. will reduce its tariffs on Chinese imports from a staggering 145% to 30%, while China will lower its tariffs on U.S. imports from 120% to 10%. Treasury Secretary Scott Bessent stated, "We have shared interest, and we both have an interest in balanced trade." This action follows months of tension and escalating tariffs that have raised prices and disrupted markets. The agreement provides a crucial window for negotiations, offering a chance for both countries to find a more sustainable solution. Last year, the U.S. and China exchanged over $582 billion worth of goods, highlighting the economic interdependence between the two nations. This temporary reprieve offers a glimmer of hope for businesses and consumers alike, who have been grappling with the consequences of the trade war.