US cuts tariffs on Chinese goods from 145% to 30% for 90 days

The United States has taken a significant step towards a resolution of their ongoing trade war with China.

After months of hitting each other hard with tariff hikes, we may see some economic peace between China and the United States.

READ ALSO: Trump Signals Softer Stance on China, Hints at Tariff Reductions

The United States has announced that they will cut tariffs on Chinese goods for the next 90 days.

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The tariff on Chinese goods which was increased to 145% when Trump took over office, has now been reduced to 30%.

Earlier, there has been a report that China and the United States are currently trying to patch their differences and return to activate business.

READ ALSO: China Escalates Trade War, Raises Tariffs on U.S. Imports to 125%

This report has now been confirmed as the United States made the first move by reducing the tariff by a large percentage.

Meanwhile it has also been reported that China will reciprocate the gesture by reducing tariff on US goods from 125% to 10%.