US and China take a step back from sky-high tariffs, agree to pause for 90 days

GENEVA (AP) — U.S. and Chinese officials say they have reached a deal to roll back most of their recent tariffs and call a 90 day pause so they can keep talking to resolve their trade disputes. U.S. Trade Representative Jamieson Greer said Monday the U.S. has agreed to drop its 145% tariff rate on Chinese goods by 115 percentage points to 30%, while China has agreed to lower its rate on U.S. goods by the same amount to 10%. Greer and Treasury Secretary Scott Bessent announced the tariff reductions at a news conference in Geneva. They say the two sides have set up consultations to continue discussing their trade issues. The announcement by the U.S. and China sent shares surging.