U.S. and China agree to major 90-day easing of tariffs as talks progress

The United States and China have agreed to temporarily ease the tariffs that have been implemented in recent months, according to a joint statement released by the White House. The agreement marks progress in trade negotiations that intensified over the weekend. The two countries have committed to a 90-day suspension of most of the tariffs imposed since early April, with the aim of addressing concerns in their economic and trade relationship. U.S. Treasury Secretary Scott Bessent announced the agreement, stating that the reciprocal tariffs would be reduced by 115 percentage points for three months to facilitate further negotiations. President Trump welcomed the deal, emphasizing the importance of China opening up. The agreement has also had a positive impact on global financial markets, with stock futures in the U.S. and markets in Asia experiencing significant boosts. Despite the positive development, there are concerns about the durability of the truce and the long-term commitment to resolving trade tensions between the two countries.