The US and China have agreed to slash some tariffs for 90 days.
The US and China have agreed to reduce tariffs for 90 days after trade talks in Geneva.
The US will cut tariffs on Chinese goods from 145% to 30% during this period.
China will lower tariffs on American imports from 125% to 10% in the same timeframe.
The US and China have agreed to slash some tariffs for 90 days.
"We have reached an agreement on a 90-day pause and substantially moved down the tariff levels," US Treasury Secretary Scott Bessent said in Geneva on Monday following trade talks over the weekend.
The agreement will see the US slashing tariffs on Chinese goods from 145% to 30% for 90 days, Bessent said.
China will lower its tariffs on American imports from 125% to 10% over the same period, he said.
Bessent said the talks with China were "robust" and that both sides had shown "great respect."
This article was written by Huileng Tan from Business Insider and was legally licensed through the DiveMarketplace by Industry Dive. Please direct all licensing questions to legal@industrydive.com.