U.S., China slash tariffs for 90 days in trade deal

On Monday, Treasury Secretary Scott Bessent announced that the United States and China have agreed to reduce their tariffs on each other for a period of 90 days. This development is significant as it brings relief to global businesses and investors who were impacted by the trade war, which had slowed down commerce and pushed economies towards a possible recession. The arrangement aims to mitigate the effects of the trade dispute between the two countries.