The trade war between China and America escalates.
China and the United States announced a series of tariff adjustment measures in Geneva on Monday to ease trade tensions between the world's two largest economies.
A joint statement said the decision came after a two-day high-level meeting between China and the United States on economic and trade affairs, during which both sides acknowledged the importance of the China-US economic and trade relationship to both countries and the global economy. The statement noted that both sides emphasized the need to build sustainable, long-term, and mutually beneficial economic and trade relations, according to Xinhua.
Officials from Washington and Beijing began talks last Saturday to contain a trade war between the world's two largest economies. The meeting in Geneva, Switzerland, comes after weeks of escalating tensions that have led to a significant increase in import tariffs between the two countries.
Earlier, the United States and China exchanged record tariffs in a rapidly escalating dispute that has rattled global markets and fueled recession fears.
US President Donald Trump imposed tariffs of 14.51% on imports from China, which retaliated with tariffs of 12.51% on imports from the United States.
