U.S., China call 90-day truce on trade war, agree to lower tariff rates – National [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.

The two officials struck a positive tone as they said the two sides had set up consultations to continue discussing their trade issues. Bessent said at the news …