US and China Agree to Slash Tariffs for 90 Days in Bid to Ease Trade Tensions

The United States and China have reached a breakthrough agreement to significantly reduce mutual tariffs for a 90-day period following negotiations in Geneva, according to a Bloomberg report. U.S. Treasury Secretary Scott Bessent and China’s Commerce Minister Li Chenyang jointly announced the deal, under which: The U.S. will lower tariffs on Chinese goods from 145% to 30%; China will reduce its tariffs on American goods from 125% to 10%. "After these initial steps, both sides will establish a mechanism to continue discussions on economic and trade relations,” a joint statement published on the White House website reads.