Pakistan, May 12 -- In a significant development, the United States and China have agreed to reduce tariffs on each other's goods by 115% for a 90-day period. This marks a key step toward easing the trade tensions that have plagued both nations for months. The agreement came after two days of intense negotiations in Geneva between US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng.

Under the terms of the deal, the US will lower its tariffs on Chinese imports from 145% to 30%, while China will reduce tariffs on US goods from 125% to 10%. However, certain sector-specific tariffs, particularly those concerning fentanyl, will remain intact. This mutual reduction signals a shift in the trade relationship between the two ec...