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The United States and China have agreed to sharply cut back on their retaliatory tariffs for the next 90 days, easing tensions in a trade war that had sparked concerns about a global economic slowdown.

After holding their first discussions since U.S. President Donald Trump started the trade conflict, the world’s two largest economies released a joint statement on Monday. They agreed to lower their steep triple-digit tariffs to more manageable double-digit rates and continue working toward a longer-term agreement.

Last month, Trump had placed a 145% tariff on goods coming from China, while products from other countries faced just a 10% tariff as part of his broader trade policy. In response, China slapped a 125% tariff on U.S. products.

U.S. Treasury Secretary Scott Bessent announced that both countries had agreed to reduce those tariffs by 115 percentage points. This means the U.S. tariff will drop to 30%, while China’s will fall to 10%.

Bessent called the weekend meetings with Chinese Vice Premier He Lifeng and trade official Li Chenggang “productive” and “strong.”

Last month, President Trump set a high 145% tariff on goods imported from China. In comparison, he only applied a 10% tariff to products from other countries as part of his global trade plan. China responded by placing a 125% tariff on American goods.

U.S. Treasury Secretary Scott Bessent said both countries agreed to cut their tariffs by 115 percentage points. This means the U.S. will lower its tariffs on Chinese goods to 30%, and China will reduce its tariffs on U.S. goods to 10%.

Bessent described the weekend meeting with Chinese Vice Premier He Lifeng and trade official Li Chenggang as “productive” and “strong.”

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