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May 12, 2025

U.S. and China Agree to Temporarily Lower Reciprocal Tariffs by 115%
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The United States and China have agreed to deescalate their trade war
and to slash their reciprocal tariffs by 115% for the next 90 days.
Treasury Secretary Scott Bessent spoke in Switzerland, where the U.S.
engaged in high-level talks with China.

Treasury Secretary Scott Bessent: "The consensus from both delegations
this weekend is neither side wants a decoupling. And what had occurred
with these very high tariffs, as Ambassador Greer said, was the
equivalent of an embargo, and neither side wants that."



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