US and China reach deal to slash trade tariffs

The United States and China said on Monday, May 12, they have agreed a deal to slash reciprocal tariffs for now as the world's two biggest economies seek to end a trade war that has disrupted the global outlook and set financial markets on edge.

Speaking after talks with Chinese officials in Geneva, US Treasury Secretary Scott Bessent told reporters the two sides had agreed on a 90 day pause on measures and that tariffs would come down by over 100 percentage points to 10%.

REUTERS VIDEO

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