US and China Agree to 90-Day Tariff Truce Amidst Trade War Tensions

China and the US have agreed to a 90-day truce in their trade war, temporarily lowering tariffs on each other's goods. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer announced Monday that U.S. tariffs on Chinese goods would be reduced to 30 percent from 145 percent. This follows weekend talks in Geneva with a Chinese delegation led by Vice Premier He Lifeng. "This is an important first step to resolve our differences," said a Chinese representative in the video. While the agreement offers a temporary reprieve, the underlying tensions remain, and the potential for a global recession persists. Global stock markets have been unstable since February when the US started imposing tariffs on various countries. The agreement is a positive sign, but the long-term implications remain uncertain.