U.S. and China implement major tariff reduction agreement

The U.S. and China have agreed to reduce mutual tariffs, according to South Korean newspaper Chosun Ilbo. The U.S. has lowered tariffs on Chinese goods from 145% to 30%, while China has cut tariffs on U.S. imports from 125% to 10%. Chinese news outlets previously reported that various non-tariff retaliatory measures from China would also be removed. According to the Chinese Customs Tariff Commission of the State Council, this tariff reduction aligns with the expectations of producers and consumers in both countries and is expected to positively impact economic exchanges between the two sides, as well as the global economy. The two countries will continue negotiations over specific details over a period of 90 days.