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The US and China have agreed to suspend tariffs for the next 90 days. This was announced by issuing a joint statement on Monday.
US Finance Minister Scott Besant has informed that there is an agreement with China to suspend the tariff for 90 days and bring about a significant drop in the customs rate . China's Ministry of Commerce has also confirmed the suspension of all "retaliatory tariffs" against the US since April 2, according to the BBC.
Currently, the United States has imposed tariffs of 145 percent on goods imported from China and up to 125 percent on some goods imported from China. According to Minister Beshant, both sides have agreed to reduce their tariffs by up to 115 percent. It is said that the decision to suspend the tariff will be implemented from May 14, i.e. this Wednesday.
China's Ministry of Commerce has expressed its expectation that the US will cooperate with China in trade-related matters in the coming days. According to the BBC, the ministry has said that the reduction of customs duty is "in the common interest of the world".
As the news of the suspension of customs duties between the US and China came out, the price of the US dollar and the Chinese yuan increased . The value of the dollar has increased against the pound, the euro and the Japanese yen, while the value of the yuan has also risen against the dollar along with these three major currencies.
