U.S. and China cut tariffs, pause trade war

The U.S. and China have agreed to a 90-day truce in their trade war, significantly reducing tariffs on each other's goods. This agreement aims to de-escalate tensions and allow for further negotiations. The deal involves the U.S. dropping its 145% tariff rate on Chinese goods by 115 percentage points, while China will lower its rate on U.S. goods by the same amount. Stock markets reacted positively to the news. This agreement follows months of escalating tariffs between the two countries, disrupting global trade. The EU Chamber of Commerce in China expressed cautious optimism, emphasizing the need for continued dialogue.