#USChinaAgreedLowerTariffs
U.S and China agree to lower tariff levels for 90 days.
* U.S. and China reach agreement to slash tariffs
* The two sides will reduce rates for 90 days
* Stocks surged and the dollar rallied on the news
* Geneva talks mark first high-level US-China meeting since Trump's return
* Trade war halted $600 billion in bilateral trade, sparking stagflation fears
*New economic dialogue forum agreed by US and China post-talks
GENEVA, May 12 (Reuters) - The United States and China have agreed a deal to temporarily slash reciprocal tariffs as the world's two biggest economies seek to end a damaging trade war that has stoked fears of recession and set financial markets on edge.
Speaking after talks with Chinese officials in Geneva, U.S. Treasury Secretary Scott Bessent said the two sides had agreed on a 90-day pause on measures and that tariffs would come down by over 100 percentage points to a 10% baseline rate.
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