China and the United States agreed to reduce tariffs on each other's products for 90 days, offering temporary relief in a trade war that threatens to cause a global recession and deepen a widening gap between the world's two largest economies.

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

Beijing announced it would reduce its overall tariffs on U.S. goods from 125 percent to 10 percent. Both reductions will take effect Wednesday.