#TradeWarEases China🇨🇳 and the United States🇺🇸 agreed to reduce tariffs on each country's products for 90 days, providing temporary relief in a trade war that threatens to cause a global recession and deepen an ever-widening gap between the two largest economies in the world.

Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer said on Monday, after talks over the weekend in Geneva with a Chinese delegation led by Vice Premier He Lifeng, that U.S. tariffs on Chinese products would be reduced from 145% to 30%.

Beijing announced it would cut its overall tariffs on U.S. products from 125% to 10%. Both reductions will take effect on Wednesday.