The US and China agreed on suspending most tariffs on each other for 90 days after negotiations in Switzerland, in a huge step towards relaxing trade tensions between the worlds top two countries.

According to the temporary agreement, the US will cut tariffs from 145% to 30%, including a 20% tariff related to fentanyl, while China will cut tariffs from 125% to 10%.

US Treasury Secretary Scott Bessent hailed the very productive talks with Chinese counterparts, and praised the place of negotiations besides the serene Geneva lake.

Bessent asserted the tariff pause will carry on for 90 days with both sides cutting tariffs by 115%.

Both sides vowed to carry on economic and trade negotiations in upcoming weeks.

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