China and the United States agree to reduce rates

Unlock Free

Roula Khalaf, publisher of the FT, selects her favorite stories in this weekly newsletter.

The United States and China have agreed to lower their rates for the next 90 days in a significant de -escalation in the fare war that threatens to reduce trade between the two largest economies in the world.

As part of an agreement in Geneva, the United States will reduce Chinese merchandise rates to 30 percent of 145 percent and China will reduce rights to north -American imports to 10 percent of 125 percent.

Washington and Beijing have been locked up in a growing trade war since the beginning of April, when Trump raised the rates to Chinese imports and China imposed retaliation rights.

Punitive functions have damaged trade between countries, and Bessent acknowledged last month that the situation was unsustainable

This is a development story