China and US agree 90-day tariff suspension as trade war talks extended
Al Jazeera
Some ‘reciprocal’ tariffs and duties are being rolled back in favour of ‘mutually beneficial’ talks.
China and the United States have agreed to suspend some of the heavy trade tariffs imposed against one another as they prepare to extend negotiations aimed at averting a trade war.
The two countries issued a joint statement on Monday, following two days of trade talks in Geneva, Switzerland. The pair described the negotiations, which came after President Donald Trump’s nationalist agenda sparked a spiral of increasingly heavy duties, as positive.
Global markets reacted positively to the news, with stock markets in Hong Kong, US and Europe rising.
In the statement, Beijing and Washington said that they recognise the importance of their bilateral economic and trade relationship to both their two countries and the global economy.
They said that they will move forward “in the spirit of mutual opening, continued communication, cooperation, and mutual respect”.
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