US slashes China tariffs from 145% to 30% for 90 Days, says Scott Bessent

US and China agree on a 90-day tariff pause after high-stakes Geneva trade talks. Starting May 14, the US will cut tariffs on Chinese goods from 145% to 30%, while China will reduce tariffs on US goods from 125% to 10%. The deal seeks to ease tensions and revive the $600B bilateral trade relationship. US Treasury Secretary Scott Bessent called the talks productive. Both sides also discussed fentanyl control and agreed to avoid economic decoupling.