US and China agree to slash tariffs for 90 days

The United States and China have reached a significant agreement to substantially reduce the import tariffs they had imposed on each other, marking a major step toward easing their ongoing trade conflict.

U.S. Treasury Secretary Scott Bessent announced that both nations would cut their respective tariffs by 115% for a period of 90 days.

The deal was struck following high-level discussions in Switzerland—the first formal meeting between the two sides since President Donald Trump imposed steep tariffs on Chinese goods last month.

Markets reacted positively to the news, with shares surging. The previous tariff hikes had rattled financial markets and raised concerns about a potential global recession.

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The trade war between the United States and China escalated last month following President Trump's announcement of a universal baseline tariff on all imported goods.

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