US and China Lower Tariffs: Temporary Reduction in Trade Tension

The US and China have agreed to a temporary reduction in tariffs, with the US lowering its tariffs on Chinese goods to 30% from the previous 145%, and China reducing its tariffs on US imports to just 10% for the next 90 days. This is not a permanent resolution but rather a tactical pause in a trade war that began in April when the Trump administration imposed tariffs on Chinese goods, prompting retaliatory measures from Beijing.