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Treasury Secretary Scott Bessent: US and China agree to slash tariffs for 90 days

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Treasury Secretary Scott Bessent: US and China agree to slash tariffs for 90 days

The US and China have agreed to suspend most tariffs on each other’s goods in a move that shows a thawing of trade tensions between the world’s two largest economies.

“We had very productive talks and I believe that the venue, here in Lake Geneva, added great equanimity to what was a very positive process,” US Treasury Secretary Scott Bessent said in a news conference.

“We have reached an agreement on a 90-day pause and substantially move down the tariff levels. Both sides on the reciprocal tariffs will move their tariffs down 115 per cent,” Bessent said.

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