China, U.S. announce measures to reduce majority of tariffs

(ECNS) -- China and the U.S. have agreed to remove the majority of tariffs imposed since April 2 to ease trade tensions between the world's two largest economies on Monday.

The decision followed a two-day China-U.S. high-level meeting on economic and trade affairs held in Geneva, Switzerland.

Both China and the U.S. pledged to remove 91 percentage points of the tariffs imposed in April and suspend 24 percentage points over the next 90 days, according to the statement.

The agreement brings current U.S. tariff rates on goods imported from China to 30 percent, and Chinese tariffs on U.S. imports to 10 percent.

Moreover, the two sides will also establish a mechanism to continue discussions about economic and trade relations. These discussions may be conducted alternately in China and the U.S., or a third country upon agreement of the Parties, the statement said.

Full text: Joint Statement on China-US Economic and Trade Meeting in Geneva 

(By Zhang Dongfang)