U.S. and China take a step back from sky-high tariffs, agree to pause for 90 days

U.S. Trade Representative Jamieson Greer, left, and U.S. Secretary of the Treasury Scott Bessent take part in a press conference after two days of closed-door discussions on trade between the United States and China, in Geneva, Switzerland, Monday, May 12, 2025. (Jean-Christophe Bott/Keystone via AP) GENEVA — U.S. and Chinese officials said Monday they had reached a deal to roll back most of their recent tariffs and call a 90-day truce in their trade war for more talks on resolving their trade disputes. Stock markets rose sharply as the globe's two major economic powers took a step back from a…