China and the United States have reached a truce in their escalating trade war after both countries agreed to a 90-day pause on reciprocal tariffs.
The 145% tariff imposed by the US on all Chinese goods will be reduced to 30%. In return, China has agreed to lower its tariffs on American imports from 125% to 10%. US President Donald Trump announced that the deal was reached following extensive talks.
Subscribe: http://ab.co/1svxLVE
Read more here: https://www.abc.net.au/news/2025-05-13/trump-china-tariffs-capitulation-markets-respond/105285374
ABC NEWS provides around the clock coverage of news events as they break in Australia and abroad. It's news when you want it, from Australia's most trusted news organisation.
For more from ABC NEWS, click here: https://ab.co/2kxYCZY
Watch more ABC NEWS content ad-free on ABC iview: https://ab.co/2OB7Mk1
Go deeper on our ABC NEWS In-depth channel: https://ab.co/2lNeBn2
Like ABC NEWS on Facebook: http://facebook.com/abcnews.au
Follow ABC NEWS on Instagram: http://instagram.com/abcnews_au
Follow ABC NEWS on X (Twitter): http://twitter.com/abcnews
Note: In most cases, our captions are auto-generated.
#ABCNEWS #ABCNEWSAustralia