French media: US-China trade war truce of 90 days will take effect, and meetings in the coming weeks to "reach a more substantive agreement".

After two days of negotiations in Geneva, the White House announced that the suspension of tariffs would take effect at midnight on Tuesday Eastern Time. US President Trump said, "After productive discussions in Geneva, we have achieved a full restart with China. Both sides agreed to reduce the tariffs imposed as of April 2 to 10% for a period of 90 days, and will continue to negotiate on broader structural issues."

According to Agence France-Presse (AFP), specifically, the world's two largest economic powers have agreed to significantly reduce the additional fees they impose on each other, with Washington reducing to 30% and Beijing reducing to 10%.

The news of the mutual tariff reduction by China and the United States has soothed the markets. On Monday, Wall Street closed mostly green, with the Dow Jones Industrial Average rising 2.81%, the Nasdaq Composite Index up 4.35%, and the S&P 500 Index increasing by 3.26%.

AFP pointed out that this is the first specific sign of calm in the trade war that has shaken financial markets and increased concerns about inflation and inflationary pressures.

In addition, Washington has also lifted some tariff barriers for parcels from multiple Chinese online sellers. According to the text of the decree published by the White House on Monday, the 120% tariff on these small-value imported goods distributed by the US Postal Service (USPS) starting May 2 has been reduced to 54%.

In an interview with CNBC on Monday, US Treasury Secretary Bessent mentioned "a new round of talks between China and the United States in the coming weeks" to "reach a more substantive agreement".

According to another US negotiator in Geneva, Trade Representative Jamison-Greer, Washington and the Chinese government will also "work constructively" on the issue of fentanyl.

Source: rfi

Original article: https://www.toutiao.com/article/1832004980725760/

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