The United States and China have agreed to deescalate their trade war and to slash their reciprocal tariffs by 115% for the next 90 days. Treasury Secretary Scott Bessent spoke in Switzerland, where the U.S. engaged in high-level talks with China.

Treasury Secretary Scott Bessent: “The consensus from both delegations this weekend is neither side wants a decoupling. And what had occurred with these very high tariffs, as Ambassador Greer said, was the equivalent of an embargo, and neither side wants that.”