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The Trump administration says the U.S. and China have agreed to temporarily reduce the high tariffs they imposed on each other's products.
NPR's Emily Fang reports the announcement follows weekend talks in Switzerland.
Total U.S. taxes on Chinese goods will go from at least 145 percent down to 30 percent for an initial period of 90 days.
And Chinese taxes on U.S. goods will initially go down to 10 percent from around 125 percent earlier.
U.S.
Treasury Secretary Scott Besson and U.S.
Trade Representative Jameson Greer helped negotiate the deal over the weekend.
They did not explain what else China had offered in terms of opening up their economy and addressing trade imbalances,
besides lowering their own import taxes.
The U.S. and China are still negotiating, however,
and they say they've set up a trade consultation negotiation going forward to avoid what Besant called,
quote, unfortunate escalations in the last few weeks in tariffs on each other.
Emily Fang, NPR News.