(SRN NEWS/AP) – U.S. and Chinese officials said Monday they had reached a deal to roll back most of their recent tariffs and call a 90-day truce in their trade war for more talks on resolving their trade disputes.
Stock markets rose sharply as the globe’s two major economic powers took a step back from a clash that has unsettled the global economy.
U.S. Trade Representative Jamieson Greer said the U.S. agreed to drop its 145% tariff rate on Chinese goods by 115 percentage points to 30%, while China, which is one of the Georgia poultry industry’s biggest export customers, agreed to lower its rate on U.S. goods by the same amount to 10%.
Greer and Treasury Secretary Scott Bessent announced the tariff reductions at a news conference in Geneva.
EARLIER STORY. POSTED APRIL 28: Tariffs: Continuing concern for Ga. poultry industry