The US and China have temporarily decided to drastically reduce the duties imposed on each other, according to their joint announcement, in an attempt to give their delegations three months to resolve their commercial disputes and negotiate the end of the two -year -olds between the two, Financial markets.

Specifically, as US finance minister, Scott Bessed, said, after talking to Chinese officials in Geneva, the two sides agreed to reduce their duties by 115% for a period of 90 days.

This practically means that the 145% combination duties imposed by the US on most Chinese imports will be reduced by May 14 to 30%including the fentanyl tax rate, while 125% Chinese duties respectively in US products will be reduced to 10%.

“We had a very intense and productive discussion on the next steps for Fentanyl,” said US Finance Minister Scott Besed. “We agree that no side wants to cut trade relations.” “Both countries have represented their national interests very well,” Bessed said, adding: “We both have interests from a balanced commercial relationship And the US will continue to pursue it. ”

The joint announcement of the two countries also states that “the parties will create a mechanism to continue discussions on economic and trade relations”.

The Washington and Beijing Agreement is an important step towards the decline of the trade war between the two countries that led to the immediate, dramatic shrinkage of American -Ninez trade.

The two countries had earlier stated that “substantial progress” had been made in their talks.

The White House described the deal as a “trade agreement” in a first announcement on Sunday, but it is still not clear what an acceptable target for both sides or how much time it will take to achieve.

Although Purchases greeted recent reports For progress in talks between the two countries, the story has shown that it could take a long time to reach a detailed agreement, while some are doubtful as to whether Washington and Beijing is ultimately possible to reach an agreement.

It is recalled that in 2018, the two sides also agreed to “wait” for their commercial differences after a round of negotiations, but the US quickly retreated, resulting in a period of more than 18 months with further duties and new talks before the signing of the 20th Phase 20 Commercial Agreement.

In the end, China did not comply with the condition of increasing the US markets provided for that agreement and the US trade deficit with China during the pandemic, triggering the new, current trade war.