The U.S. and China will temporarily lower tariffs on each other鈥檚 products in a dramatic ratcheting down of trade tensions that buys the world鈥檚 two largest economies three months to work toward a broader agreement.
The combined 145% U.S. levies on most Chinese imports will be reduced to 30% including the rate tied to fentanyl by May 14, while the 125% Chinese duties on U.S. goods will drop to 10%, according to a joint statement and from officials in a briefing Monday in Geneva.
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