Market Chatter: Chinese State Media Suggests Extending 90-Day US-China Trade Truce
Chinese state media suggests extending the 90-day US-China trade truce agreed upon recently. The US will reduce tariffs on Chinese goods from 145% to 30%, while China will cut its tariffs on US imports from 125% to 10%. Additionally, China will pause or remove non-tariff countermeasures against the US. Both nations met in South Korea, but details of their discussions remain undisclosed.
Chinese state media Global Times suggested that the 90-day tariff truce the US and China agreed during the weekend should be extended, Reuters reported May 16.
Both China and the US agreed to pause the tariffs for 90 days after meeting in Switzerland, the report said.
The US agreed to reduce its tariffs on Chinese goods to 30% from 145%, while Beijing pledged to cut its levies on US imports to 10% from 125%, the report said.
China also committed to pause or remove non-tariff countermeasures against the US that it imposed since April 2, and it agreed to lift export countermeasures imposed after the same date, the report said.
Both China and the US regrouped in South Korea, but neither side gave details on what was talked about between US Trade Representative Jamieson Greer and Chinese trade envoy Li Chenggang, the report said.
