On Monday, the U.S. and China agreed to temporarily halt most tariffs on each other’s products, signaling a potential easing of trade tensions between the two economic giants.
U.S. Treasury Secretary Scott Bessent, speaking at a news conference, described the discussions as highly productive and noted that the setting in Lake Geneva contributed to the constructive tone. “We’ve settled on a 90-day pause and a significant reduction in tariff levels,” Bessent said, adding that both countries will cut their reciprocal tariffs by 115%.
