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After two days of negotiations in Geneva, the US and China announced a trade agreement aimed at reducing tariffs imposed during the ongoing trade war. Both sides expressed optimism about the outcome, which includes a mechanism for future discussions and a temporary suspension of additional tariffs.
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As of May 19, 2025, China's industrial production is slowing due to high tariffs imposed by the U.S. and retaliatory duties from Beijing. Retail sales growth has fallen short of expectations, and deflationary pressures are affecting consumer spending. The economic recovery remains uncertain amid ongoing trade tensions.
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On May 12, 2025, the US and China reached a temporary agreement to reduce tariffs on each other's goods for 90 days. The US will lower tariffs on Chinese imports from 145% to 30%, while China will cut its tariffs on US goods from 125% to 10%. This truce aims to ease escalating trade tensions.
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After two days of negotiations in London, US and Chinese officials have agreed on a framework to advance trade discussions, addressing tariffs and critical mineral exports. The deal awaits approval from Presidents Trump and Xi Jinping, aiming to restore trade relations following recent tensions over tariffs and export restrictions.