U.S. and China agree to slash reciprocal tariffs in major step toward easing trade war

The United States and China mentioned Monday they had agreed to a -day pause on the majority of the tariffs they have imposed on each other since last month in a major step toward easing a commerce war between the two powers that has rattled the global financial sector U S tariffs on Chinese imports will be cut to from while China s levies on U S imports will be cut to from the two countries revealed in a joint message The announcement comes after the two countries met in Geneva Switzerland over the weekend to discuss the mounting tariffs which have made pact between the world s two largest economies all but impossible The two countries declared they would also establish a mechanism to continue discussions about economic and arrangement relations The U S will continue to be represented by Treasury Secretary Scott Bessent and U S Commerce Representative Jamieson Greer while China will continue to be represented by Vice Premier He Lifeng The discussions may take place alternately in China and the U S or in a third country agreed upon by both countries The two sides may also conduct working-level consultations on relevant economic and arrangement issues This is a advancing story Please check back for updates This story first appeared on NBCNews com More from NBC News Judge pauses Trump s effort to reduce the size of the federal ruling body Certain federal workers focused on black lung screenings are reinstated but still face June termination CIA s top clinician sues over her firing accusing the administration of bowing to the far right