Overview

• The US and China have agreed to a 90-day suspension of their reciprocal tariffs, reducing US tariffs to 30% and Chinese tariffs to 10%.
• The truce was brokered during weekend negotiations in Geneva, led by US Treasury Secretary Scott Bessent and USTR Jamieson Greer.
• Both sides have established a formal mechanism for ongoing trade and economic discussions, with future meetings potentially rotating between the US, China, and neutral locations.
• President Trump described the agreement as a 'total reset' in US-China relations and hinted at a potential call with President Xi Jinping by the end of the week.
• Officials emphasized the rapid consensus in Geneva as an indicator that core differences may be less significant than previously believed.