Following two-days talk in London to ease tensions and export restrictions, US and Chinese officials have agreed on a framework plan to reach a deal, according to media reports. The plan, which will be based on the temporary truce reached on May 14, will be proposed to the countries’ leaders for approval. The specifics of the plan have not been disclosed.
According to the deal reached in Geneva, Switzerland, the US and China agreed to cut their own respective tariffs levied against each other for an initial 90 days beginning on May 14. Consequently, the US and China rolled back their tariffs from 145 percent to 30 percent and from 125 percent to 10 percent, respectively, as SteelOrbis previously reported.