US-China Trade War: 90-Day Truce Announced, Major Tariff Cuts Agreed

US and China Agree to 90-Day Tariff Truce, Slashing Rates by 115% Geneva, Switzerland – In a significant development in the ongoing US-China trade war, both nations have agreed to a 90-day truce, significantly reducing reciprocal tariffs. The announcement came from US Treasury Secretary Scott Bessent, who spoke at a press conference in Geneva. "Both sides have agreed to substantially move down the tariff levels," Bessent stated, specifying a 115% reduction. This marks a major step toward de-escalation after months of escalating tensions and disruptions to global trade valued at nearly $600 billion. The agreement signals a potential turning point in the trade conflict and offers hope for improved economic relations between the world's two largest economies. The positive development has been met with cautious optimism by financial markets, which have shown signs of stabilization following the announcement.