US, China to cut tariffs by 115% for 90 days

The United States and China have agreed to lower tariffs on each other's goods substantially for 90 days following negotiations.

Speaking in Geneva on Monday, US treasury secretary Scott Bessent said, "both sides will move their tariffs down by 115%", having agreed to a 90-day pause.

The announcement came after the two largest economies held trade talks in Switzerland over the weekend, which Bessent had described as "productive and constructive".

It was the first meeting between the two countries since US President Donald Trump had levied steep tariffs against China on its goods entering America in January.

Before today, the US had lifted its tariff on China to 145% with Beijing retaliating with 125% tariffs on US imports.