Context:

The United States and China have reached an agreement to reduce their trade tariffs by 115% for a period of 90 days, following a series of robust discussions. The announcement was made by US Treasury Secretary Scott Bessent, highlighting a temporary pause in the reciprocal tariffs that have been imposed by both nations. China's commerce ministry confirmed the suspension of all tariff countermeasures against the US that have been in place since April 2. This agreement marks a significant de-escalation in trade tensions between the two countries, aiming to foster a more cooperative economic relationship. Further details and developments are expected to be reported in subsequent updates.

Dive Deeper:

• The US and China have agreed to a 90-day reduction of tariffs by 115%, following intense negotiations aimed at reducing trade tensions between the two economic giants.

• US Treasury Secretary Scott Bessent announced the agreement in Geneva, emphasizing the temporary nature of the tariff reductions as a pause in the ongoing trade disputes.

• China's commerce ministry has confirmed the suspension of all tariff countermeasures against the United States that have been implemented since April 2, indicating a commitment to the agreement.

• The agreement is seen as a significant step towards easing the trade war, potentially paving the way for more comprehensive negotiations and stable economic relations in the future.

• Further updates and details regarding the implementation and impacts of this agreement will be provided in upcoming reports, as both nations work towards a long-term resolution.