US, China Agree to 90-Day Tariff Reduction Deal

The US and China have agreed to reduce their mutual import tariffs for 90 days following intensive talks in Switzerland. US Treasury Secretary Scott Bessent announced both countries would lower tariffs by 115%, with US tariffs on Chinese goods cut from 145% to 30% and Chinese tariffs on US goods reduced from 125% to 10%. The deal includes measures addressing the illegal fentanyl trade. This marks the first meeting since President Trump’s tariff hike in January. The agreement eased financial market tensions, with major stock indexes in Hong Kong, China, and Europe rebounding, and US markets expected to rise by 2–3%.