U.S., China Appear to Reach Trade Deal, Significantly Lower Tariffs

WASHINGTON, D.C. — Progress on a U.S.-China trade deal appears to have been made.

Following weekend talks in Switzerland, Treasury Secretary Scott Bessent says both countries have now agreed to pause their reciprocal tariffs for 90 days, with both sides lowering those rates by 115 percent.

Chinese goods had been hit with tariffs as high as 145-percent under the Trump administration. Beijing in turn slapped a 125-percent levy on some U.S. goods.