US and China agree to slash tariffs for 90 days

The US and China have agreed a deal that will significantly cut the import tariffs they have imposed on each other, in a major de-escalation of their trade war.

US Treasury Secretary Scott Bessent said both countries would lower their reciprocal tariffs by 115% for 90 days.

The announcement came after the two countries held talks in Switzerland, the first between the two countries since US President Donald Trump had levied steep tariffs on Chinese imports last month. read more