U.S. and China agree to slash most tariffs for 90 days [Video]

U.S. and Chinese officials said Monday they had reached a deal to roll back most of their recent tariffs and call a 90-day truce in their trade war for more talks on resolving their trade disputes.

Stock markets rose sharply as the globe’s two major economic powers took a step back from a clash that has unsettled the global economy. 

U.S. Trade Representative Jamieson Greer said the U.S. agreed to drop its 145 per cent tariff rate on Chinese goods by 115 percentage points to 30 per cent, while China agreed to lower its rate on U.S. goods by the same amount to 10 per cent.

Greer and Treasury Secretary Scott Bessent announced the tariff reductions at a news conference in Geneva. Bessent said at the news briefing after two days of talks that the high tariff levels would have amounted to a complete blockage of each side’s goods, an …