The United States and China have agreed to a temporary but significant flexibility of tariffs imposed in the last two months, the country said in a joint statement shared by the White House, announcing a significant success in commercial negotiations that increased during the weekend.
In the joint statement published on Monday morning, the two parties said they had agreed that ongoing discussions “ Have the potential to address the concerns of each side in their economic and commercial relationship “and that” advance in the spirit of mutual opening, continuous communication, cooperation and mutual respect “, both parties had committed to a 90 -day suspension in April.
“We have reached an agreement on a 90 -day break,” said the United States Treasury Secretary Scott Besent, journalists in Geneva, Switzerland, where the weekend was spent at meetings with Chinese counterparts. He said that Washington and Beijing would reduce their reciprocal tariffs by 115 percentage points for three months to give the negotiation room to advance.
Fabrice Coffrini/AFP/Getty 
Besent said that temporal reductions would effectively reduce the level of US tariffs that still exist in Chinese products to approximately 30%, while China was reducing their taxes on US imports to 10%.
The imposition of White House taxes amounted to 145% in all goods imported from China, and Beijing retaliation rates or 125% in US imports, had thrown a long shadow on world financial markets when the two largest economies in the world passed early.
“Both countries represented their national interest very well,” Besent said at Monday’s press conference in Geneva, along with the United States commercial representative, Jamieson Greer, according to the Reuters news agency. “We both have interest in balanced trade, the United States will continue to advance towards that.”
The basic products and currency markets in Asia and beyond were significantly promoted with the news of a progress in negotiations on Monday.
Speaking on Sunday, Besent said that there had been a “substantial progress” in sensitive conversations with Chinese counterparts in Geneva, while Greer suggested an area that no indication of the details had been reached.
“It is important to understand how fast we could reach an agreement, which reflects that perhaps the differences were not so great as far as thought,” Greer told journalists on Sunday.