#TradeWarEases The United States and China agreed to drastically reduce tariffs on each other's products for an initial period of 90 days, according to a joint statement released by the two countries on Monday, in a surprising advance that has boosted global markets.

The announcement comes after a weekend of marathon trade negotiations in Geneva, Switzerland, by officials from the two largest economies in the world.

By May 14, the United States will temporarily reduce its tariffs on Chinese products from 145% to 30%, while China will reduce its tariffs on U.S. imports from 125% to 10%, according to the joint statement.