The US and China have agreed to temporarily reduce trade tariffs for 90 days while continuing negotiations.
US tariffs on Chinese goods will drop from 145% to 30%, while China’s tariffs on US goods will decrease to 10%.
Treasury Secretary Scott Bessent announced the deal following talks in Switzerland, describing it as a significant step toward resolving trade tensions between the world’s largest economies.
The agreement includes cooperation on addressing the fentanyl crisis.