US and China make 'substantial progress' in trade deal agreement as tariffs slashed

Tariffs reduced for 90 days

The US and China have made “substantial progress” during discussions over a trade deal as the world’s two largest economy slashed their reciprocal tariffs, in turn boosting US stocks.

In a statement from the White House, US Treasury Secretary Scott Bessent said: "I am happy to report that we made substantial progress between the United States and China in the very important trade talks." The US and China have agreed to reduce tariffs for the next 90 days as part of the de-escalation of fractious trade relations.  US-UK deal an 'opportunity' for both nations but fails to quell questions and concerns As part of the agreement between the world's two superpowers, the US will cut tariffs on Chinese goods from 145% to 30% while Beijing will reduce levies on US imports...