U.S. and China to ease tariffs significantly for 90 days, White House announces

The White House announced Monday that the U.S. and China had agreed to a temporary but significant easing of tariffs imposed over the last couple months, heralding significant success in trade talks with Beijing.

In a statement released early Monday morning, the White House said the two sides agreed that ongoing “discussions have the potential to address the concerns of each side in their economic and trade relationship,” and that “moving forward in the spirit of mutual opening, continued communication, cooperation, and mutual respect,” both parties had committed to a 90-day suspension of most of the levies imposed since early April.

Speaking after talks in Geneva with Chinese officials, U.S. Treasury Secretary Scott Bessent was quoted by the Reuters news agency as telling reporters that Washington and Beijing would reduce their reciprocal tariffs by 115% for three months to give the negotiations room to move forward.

This developing story will be updated.