US and China Agree to 90-Day Tariff Truce, Slash Import Duties

In a significant development for global trade, the United States and China have agreed to a 90-day pause in their escalating tariff war, substantially reducing tariffs on each other's goods. The US will cut tariffs on Chinese imports from 145% to 30%, while China will lower tariffs on American goods from 125% to 10%. This agreement, reached during negotiations in Geneva, aims to ease tensions that have strained the global economy. US Treasury Secretary Scott Bessent confirmed the reductions Monday, emphasizing the importance of continued dialogue between the two nations. Read also: Temu Drops Import Changes for Now, but Future for Fast Fashion Giant Remains Murky Financial markets responded positively to the news on Monday. The Dow Jones Industrial Average surged by 951 points, and the S&P 500 rose by 2.6%, approaching its all-time high set in February 2025, according to AP News. Chinese stocks also rallied, with Alibaba's shares climbing by 5.7%, buoyed by both the tariff news and ... Read full article.