US and China agree to 90-day punishing tariff cuts amid high-stakes trade talks in Geneva

The US and China have agreed to temporarily reduce tariffs on each other's products in a bid to ease tensions between the world's two largest economies. In a joint statement issued on Monday, Washington said it would reduce duties on Chinese goods from 145 per cent to 30 per cent by May 14, while Beijing will cut tariffs on US goods from 125 per cent to 10 per cent. The tariff pause will remain in effect for 90 days. Know the news with the 7NEWS app: Download today "Neither side wants a decoupling … we do want trade. We want…