America and China agree to suspend customs duties for 90 days

America and China have agreed to suspend customs duties on the goods of each of them, for a preliminary period of 90 days, in a sudden achievement that strengthened global markets.

It is scheduled that the commentary decision will enter into force “by May 14,” according to the statement. The shares of the Hong Kong Stock Exchange increased by more than 3 percent after the announcement.

US Treasury Secretary Scott Bessent told reporters after his talks with Chinese officials in Geneva that the two sides had reached an agreement to suspend 90 days, adding that the counter -tariffs would decrease by 115 percent to 30 percent.

Accounts based on a statement by the Chinese Ministry of Trade showed that the fees on American goods will be 10 percent with an additional 24 percent suspension for a preliminary period of 90 days and the abolition of additional fees of 91 percent.