Breakthrough in Geneva: US and China Strike Trade Deal, Slash Tariffs from 145% to 30%

Breakthrough in Geneva: US and China Strike Trade Deal, Slash Tariffs from 145% to 30%. The US and China have agreed to put a 90-day halt on levying new tariffs while working towards lowering existing tariffs announced US Treasury Secretary Scott Bessent.

"An agreement has been reached with China on a 90-day pause, and to substantially move down tariff levels," he stated.

As part of the deal, the US would reduce the tariff levy of as much as 145 per cent on China imports to 30 per cent.

The US-China trade talks took off over the weekend and it was announced that the deal has been reached with official announcement on Monday. 

Global markets react to US-China trade deal

• On the move, US index futures also showed quick exuberance with Nasdaq futures moving higher up to 4 per cent, while European markets also traded strong.