China and the United States announced a truce in their trade war on Monday after talks in Geneva that will roll back the bulk of tariffs and other countermeasures by Wednesday.

The first round of the Trump tariffs, which still mimicked traditional trade wars, involved mainly Canada, Mexico and China. The second round began with "reciprocal tariffs," which rely on flawed methodologies and mistaken calculations, covering most trading economies worldwide. Then came the huge U. S. retaliatory tariffs, which China countered.

Treasury Secretary Scott Bessent told reporters the two sides had agreed on a 90 day pause on measures and that tariffs would come down by over 100 percentage points to 10%.

China and the United States announced a truce in their trade war on Monday after talks in Geneva that will roll back the bulk of tariffs and other countermeasures by Wednesday. The United States is dropping the extra tariffs it imposed on China this year to 30% from 145%,

The White House backed off from the steepest levies, as the costs of an all-out trade war with China threatened global economic growth.

The U.S. and China agreed to a 90-day pause in their trade conflict. Here's what China's tariffs on the U.S. looked like in 2024.

The prospects for a major breakthrough still appear slight, but even a small drop in tariffs — particularly if taken simultaneously — could help restore some confidence.

GENEVA — The United States and China have agreed to temporarily slash reciprocal tariffs in a deal that surpassed expectations as the world’s two biggest economies seek to end a damaging trade war that has stoked fears of recession and roiled financial markets.

The world’s two biggest economies agreed to a temporary rollback of most of their recent levies after negotiating in Switzerland over the weekend.

When asked to comment on reports that after the China-US high-level economic and trade meeting in Geneva, China will reduce the tariffs on US goods from 125% to 10% within the initial 90 days, while the US will reduce the tariffs on Chinese goods to 30%,