U.S. Secretary of the Treasury Scott Bessent. REUTERS/Leah Millis
GENEVA: 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. "Both countries represented their national interest very well," Bessent said on Monday.
