US and China reach deal to slash tariffs, officials say

Source: New York Post

The United States and China said on Monday they have agreed to a deal to slash reciprocal tariffs for now 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, US Treasury Secretary Scott Bessent told reporters the two sides had agreed on a 90 day pause on measures and that tariffs would come down by over 100 percentage points to 10%. US Treasury Secretary Scott Bessent speaks to the media after talks between senior US and Chinese officials on tariffs at the residence of the permanent Swiss ambassador to the United Nations in Geneva on May 11, 2025.