Breaking News: US to lower tariffs on China from 145% to a base 10%
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The highly anticipated joint US-China statement on the first round of high-level US-China trade talks held over the weekend in Geneva, Switzerland, is out, stating that “the US will modify application of rate of duty on articles of China by suspending 24 percentage points of that rate for initial period of 90 days.”
Additional takeaways
US will retain remaining rate of 10 % on those articles.
China will modify application of additional ad valorem rate of duties by suspending 24 percentage points of that rate for 90 days.
Only a 10% base tariffs rate will be applied.
A mechanism to continue discussions about economic and trade relations is established.
These discussions may be conducted alternately in China and the US, or in an agreed third country.
Both sides may conduct working-level consultations on relevant economic and trade issues.
Market reaction
At the time of writing, the US Dollar Index (DXY) is up 0.62% on the day, trading near 101.00, with risk sentiment receiving a fresh boost.
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