US and China announce agreement to cut reciprocal tariffs for 90 days

The U.S. and China announced a 90-day agreement to reduce reciprocal tariffs, aiming for a sustainable economic relationship, following successful talks in Geneva. Treasury Secretary Scott Bessent reported a 115% reduction in tariffs, with effective U.S. tariffs on Chinese goods set at 30% and China’s at 10% during the pause. Both nations will continue discussions on trade relations and may hold consultations in either country or a third party, with the changes taking effect by Wednesday.