U.S. and China agree on tariff cuts

In a major breakthrough, the U.S. and China have announced a significant roll back on their tariffs, lowering them by 115 percentage points for 90 days.

Ahn Sung-jin has the latest.

After months of what seemed like a trade war, the United States and China have decided on tariff cuts.

"We have reached an agreement on a 90-day pause and substantially moved down the tariff levels, both sides, on the reciprocal tariffs, will move their tariffs down 115 percent."

The announcement comes following trade negotiations in Geneva over the weekend.

In a joint statement, both emphasized the importance of "a sustainable, long-term, and mutually beneficial economic and trade relationship."

"China has always pursued win-win outcomes in its trade and economic negotiations, and therefore any deal to be reached must surely be in China's own development interests.

The Trump administration will be lowering its tariffs on Chinese goods from 1-hundred-45 percent to 30 percent, while Beijing will slash its taxes on U.S. imports from 125 percent to 10 percent.

The tariff revisions are set to be imposed before May 14th.

The tariff cuts, which come as a surprise breakthrough, may de-escalate tightened trade tensions and pessimistic global market outlooks.

Ahn Sung-jin, Arirang News.