GENEVA: As the world’s two largest economies attempt to put an end to a trade war that has upset the global outlook and alarmed financial markets, the United States and China said Monday that they had reached an agreement to temporarily reduce reciprocal tariffs.
Following discussions with Chinese officials in Geneva, US Treasury Secretary Scott Bessent informed reporters that tariffs will drop by more than 100 percentage points to 10% and that the two parties had agreed on a 90-day halt on measures.
“We both have an interest in balanced trade, the US will continue moving towards that.”
Following weekend negotiations in which both parties celebrated progress in reducing disagreements, Bessent was chatting with US Trade Representative Jamieson Greer.
