China and the U.S. announced yesterday a series of tariff modification measures aimed at easing trade tensions between the world’s two largest economies. The decision followed a two-day China-U.S. high-level meeting on economic and trade affairs in Geneva. According to a joint statement, the U.S. will remove a total of 91% additional tariffs on Chinese products and China will accordingly cut 91% countermeasure additional tariffs against U.S. imports. The U.S. will suspend a 24% “reciprocal tariff” and China likewise will suspend a 24% countermeasure tariff