The United States and China announced that tariffs against one another will be reduced for an initial 90-day period following trade talks in Switzerland.

China and the United States announced a truce in their trade war on Monday after talks in Geneva that will roll back the bulk of tariffs and other countermeasures by Wednesday.

Less than 24 hours after China and the US released a joint statement on Monday following their trade talks in Geneva, Switzerland, global shipping companies moved swiftly to reinstate rate hikes. Spot rates for 40-foot containers bound for US West Coast for June have already been quoted as high as $6,

The White House backed off from the steepest levies, as the costs of an all-out trade war with China threatened global economic growth.

The president has backtracked repeatedly on his tariff policies, creating a whiplash with downsides and few clear benefits so far.

The U.S. and China agreed to a 90-day pause in their trade conflict. Here's what China's tariffs on the U.S. looked like in 2024.

Online shoppers in the U.S. will see a price break on their purchases valued at less than $800 and shipped from China after the Trump administration reached a truce with Beijing over sky-high tariffs.

U.S. Trade Representative Jamieson Greer said the U.S. agreed to drop the 145% tax Trump imposed last month to 30%. China agreed to lower its tariff rate on U.S. goods to 10% from 125%. Greer and Treasury Secretary Scott Bessent announced the tariff reductions at a news conference in Geneva.

GENEVA — The United States and China have agreed to temporarily slash reciprocal tariffs in a deal that surpassed expectations as the world’s two biggest economies seek to end a damaging trade war that has stoked fears of recession and roiled financial markets.

China on Wednesday said it was suspending some non-tariff countermeasures against the United States, in another de-escalation of the trade war with Washington following high-level talks in Switzerland.

The prospects for a major breakthrough still appear slight, but even a small drop in tariffs — particularly if taken simultaneously — could help restore some confidence.