China and U.S. Reach Tariff Reduction Deal, Set Path for Ongoing Trade Talks

The United States and China have agreed to temporarily reduce some tariffs for an initial 90-day period as part of renewed efforts to ease trade tensions. Beijing will cut tariffs on certain U.S. goods to 10% from 125%, while Washington will lower duties on Chinese imports to 30% from 145%. The announcement follows recent bilateral discussions and aims to pave the way for further negotiations. In response, the U.S. dollar rallied to one-month highs against the euro and yen.