World Heaves a Sigh of Relief after U.S.-China Agree to Slash Tariff

The on-going U.S.-China trade talk ended in a win-win situation after both the countries agreed to massively slash their tariffs and ease the tension that prevailed not just between the two largest economies of the world but also in the world in general.

According to the deal reached after the talks in Geneva on Monday, U.S. has agreed to slash the tariff to 30 per cent from its earlier 145 per cent while China will levy a tariff of 10 per cent from its earlier 125 per cent. The deal holds for the next 90 days.

The trade war between the U.S. and China with high tariff upon one another, had negatively impacted the near $600 billion in two-way trade to a standstill. It had disrupted supply chains, and stoked fear of recession world-wide.