US and China agree to 90-day pause on ‘reciprocal’ tariffs

News Snapshot:

The United States and China have agreed to slash reciprocal tariffs, as the world's two biggest economies seek to end a trade war that has disrupted the global outlook and set financial markets on edge. Speaking after talks with Chinese officials in Geneva on Monday, local time, US Treasury Secretary Scott Bessent told reporters the two sides had agreed to a 90-day pause on measures and that tariffs would be slashed by 115 per cent. The US says it will drop its 145 per cent tariff on China to 30 per cent, while China has agreed to lower its rate...