The United States and China on Monday announced an agreement to significantly reduce tariffs for 90 days. The deal means that President Donald Trump’s 125% reciprocal tariff on China will be reduced to 10%, with a 20% fentanyl tariff still in place, a significant drop from the 145% tariff placed on Chinese goods in the last few weeks. China will drop its retaliatory tariffs on the United States from 125% to 10%.

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