US, China agree to suspend most tariffs for 90 days

The US and China have reduced tariffs on each other and agreed to suspend most of the additional tariffs imposed on each other for 90 days. The US has agreed to reduce the 145 percent tariff on Chinese goods to 30 percent, while China has agreed to reduce taxes on American goods to 10 percent.

Officials from both countries announced the tariff cuts at a press conference in Geneva. They said the two countries have prepared a framework for continuing discussions on their trade issues.

China expressed hope that the US will not increase tariffs unilaterally. As the tariff war between the two major economic powers subsided, stock markets around the world saw a big rally today.