Sri Lanka, May 12 -- The US and China have agreed on a 90-day pause on "reciprocal" tariffs, meaning both sides will reduce their tariffs by 115%.

This was announced by US Treasury Secretary Bessent, following trade talks with China.

China's commerce ministry, meanwhile, confirmed the suspension of "all tariff countermeasures" taken against the U.S. since the 2nd of April.

As such, US tariffs on Chinese goods will go down from 145% to 30%, while Chinese tariffs on US goods will go down from 125% to 10%.

Published by HT Digital Content Services with permission from Hiru News....