HONG KONG/SHANGHAI --The U.S. and China on Monday agreed to slash tariffs temporarily on each other's goods, marking a major turning point in a tit-for-tat trade war that threatens to upend the global economy.
In a joint statement, the U.S. government said it will lower tariffs on Chinese imports to 30% for 90 days from the current rate of 145%. China will reduce its 125% levies on American goods to 10% during the same period, as both sides continue negotiations. The new measures will take effect on May 14.
