US and China reach agreement to cut tariffs

BBC News / The US Treasury Secretary Scott Bessent described the discussions as "productive and constructive," while China's Vice Premier He Lifeng said the talks were "in-depth" and "candid." The talks were the first face-to-face meetings between the two countries since US President Donald Trump imposed a 145% tariff on Chinese imports, with Beijing responding with a 125% levy on some US goods. The massive tariffs caused turmoil in the financial markets and sparked fears of a global recession.

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