America, China Seal Tariffs War Deal
By Yadnom Awu/Asaba
America and China, today reached a historic tariffs deal to ease trade between them.
The deal involving the two single largest economies in the world is the second between America and any other nation since American President Donald Trump unilaterally imposed stiff tariffs regime on imports from more than 100 countries.
Washington and Britain had, last week, sealed a similar deal on the same subject.
By the terms of the deal, both America and China agreed to reduce their stiff tariff benchmarks from 145 per cent to just 10 per cent.
Besides, they both agreed at the secret talks in Geneva, Switzerland, to pause actual implementation for 90 days.
Both countries have hailed the deal, with the American government saying it would help level up the balance of trade between both countries.
China’s Vice President-, HE Liefeng, said it was a good deal reached by mutual consensus.
While Trump had maintained that the tariffs would benefit American businesses, many other interests, including local captains of American firms, had held to the contrary, especially after most nations affected imposed retaliatory tariffs on American exports to their countries.
