by Manal Barakat, SeaNewsEditor

On Sunday, 11 May, the United States and China concluded trade discussions in Switzerland on a positive note.

The details of the new tariff deals were announced on Monday morning, 12 May, with drastic reductions to the initial tariffs implemented in April.

According to a White House press release, both nations recognise the significance of their bilateral economic and trade relationship. The US Administration confirmed that US tariffs would be reduced from 145% to 30%.

Meanwhile, the Chinese tariffs would be lowered from 125% to 10%.

The implementation of the new tariffs is effective from 14 May and for a period of 90 days.

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