“The U.S. and China agreed to slash punishingly high tariffs on each other’s goods, a major thaw in trade relations that resets the tone between the world’s two largest economies from outright conflict to constructive engagement,” the Wall Street Journal reports.
CNBC: “The deal means ‘reciprocal’ tariffs between both countries will be cut from 125% to 10%. The U.S.′ 20% duties on Chinese imports relating to fentanyl will remain in place, meaning total tariffs on China stand at 30%.”
New York Times: “The agreement, for now, breaks an impasse that had brought much trade between China and the United States to a halt.”
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