Customs duty reductions take effect
An agreement between China and the United States to lift a portion of the additional tariffs imposed between the two countries took effect on Wednesday.
China's Xinhua News Agency reported that the United States and China announced on Monday the suspension of a portion of their tariffs for 90 days, according to a joint statement.
US Treasury Secretary Scott Besant said, "We will continue to work with China on trade relations, and the agreement with China is historic and unmatched by any previous US president."
Besant announced the reduction of US tariffs on Chinese goods to 30 percent for 90 days.
China, meanwhile, announced the reduction of tariffs on the US from 125 percent to 10 percent for 90 days.
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