US, China sign a 90-Day Ceasefire on Tariffs

By Steve UMIDHA

The United States and China Monday agreed a deal to temporarily slash reciprocal tariffs – a 90 – day pause that will see the former drop the extra tariffs it imposed on China this year, taking the rate to 30% from 145%. Meanwhile China is cutting tariffs on U.S. goods to 10% from 125%.

“Both countries represented their national interest very well,” Bessent said. “We both have an interest in balanced trade, the U.S. will continue moving towards that. The consensus from both delegations this weekend is neither side wants a decoupling.

“What had occurred with these very high tariffs … was the equivalent of an embargo, and neither side wants that. We do want trade,” said U.S. Treasury Secretary Scott Bessent after weekend talks with Chinese officials in Geneva.

The announcement comes after a weekend of marathon trade negotiations in Geneva, Switzerland by officials from the world’s two largest economies.

 The substantial, if temporary, breakthrough was unexpected. Just last week, Bessent sought to manage expectations by suggesting that his goal for the talks was “de-escalation” of tension and not “a big trade deal,” as the US and China had been at a virtual stalemate since President Donald Trump imposed his tariff policy.

Additional reporting: Reuters, CNN