The United States and China have struck a deal to slash tariffs for at least 90 days as both countries seek to end the trade war.
U.S. Treasury Secretary Scott Bessent told reporters after the meeting in Geneva that reciprocal tariffs would come down by 115 percent.
“Both countries represented their national interest very well,” Bessent said.
The trade war between Washington and Beijing rapidly escalated in April after President Donald Trump announced he would pause higher reciprocal tariffs for dozens of countries but was lifting levies on Chinese goods to 145 percent.
China responded by increasing its tariffs on US goods to 125 percent, accusing the U.S. of bullying behavior.
But recently both sides made it clear that they wanted an off-tramp from the trade war which had made financial markets anxious.
Bessent and U.S. Trade Representative Jamieson Greer were deployed to meet with their Chinese counterparts in Geneva in an attempt to thrash out a deal over the weekend.
Greer said it was a “very good” deal for both countries.
“We retain our 10 percent global baseline tariff, which we have on other countries,” the trade representative said.
