The U.S. and China have reached a temporary agreement to reduce reciprocal tariffs, marking a significant step to ease trade tensions amid fears of recession. U.S. Treasury Secretary Scott Bessent announced a 90-day pause on tariffs, reducing them from over 100% to a 10% baseline. The talks in Geneva were the first high-level interactions since President Trump's stringent tariff measures. Both sides expressed a desire to maintain trade relations, highlighting a mutual interest in balanced trade and a shared rejection of a decoupling of their economies.
Both countries represented their national interest very well," Bessent said. "We both have an interest in balanced trade, the U.S. will continue moving towards that.
The consensus from both delegations this weekend is neither side wants a decoupling," Bessent said. "And what had occurred with these very high tariffs ... was the equivalent of an embargo, and neither side wants that.
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