Mumbai, May 13 -- Following closely watched meetings over the weekend in Geneva, Switzerland, the U.S. and China have announced an agreement to drastically reduce tariffs on each other's goods.
The White House said the agreement calls for the U.S. and China to each lower tariffs by 115 percent while retaining an additional 10 percent tariff.
The U.S. will retain tariffs imposed in response to the fentanyl national emergency, resulting in an effective tariff rate on Chinese goods of 30 percent.
In previous tit-for-tat moves, tariffs on U.S. and Chinese goods had spiked as high as 125 percent and 145 percent, respectively, which Treasury Secretary Scott Bessent had described as the "equivalent of an embargo."
The White House said the 34 p...