#TrumpTariffs The U.S. and China have reached an agreement that will significantly reduce mutual import tariffs for a period of 90 days, a major de-escalation of their trade war.

U.S. Treasury Secretary Scott Bessent stated that both countries will reduce their reciprocal tariffs for 90 days.

The announcement came after talks that the two countries held in Switzerland, the first since U.S. President Donald Trump imposed heavy tariffs on Chinese imports.

The enormous levies caused turbulence in financial markets and unleashed fears of a global recession. President Trump had imposed a 145% tariff on Chinese imports, while Beijing responded with a 125% levy on some U.S. products.