#TradeWarEases Sellers await their customers in the Christmas tree shop at the Yiwu international market in eastern China last month, as the tariffs imposed by President Donald Trump came into effect. The negotiations held in Geneva this weekend aimed to ease tensions in the trade war between the two largest economies in the world. (Ng Han Guan/AP)

China and the United States agreed to reduce tariffs on goods from each other for 90 days, providing a temporary reprieve in a trade war that threatens to trigger a global recession and widen the growing divide between the two largest economies in the world.

Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer stated Monday at a press conference in Geneva that U.S. tariffs on Chinese products would be reduced from 145% to 30%. China announced it would lower its general tariffs from 125% to 10% starting Wednesday.