US, China agree to slash tariffs as Trump says to speak with Xi soon

Washington: The United States and China announced Monday an agreement to drastically reduce tit for tat tariffs for 90 days, an outcome President Dona...

Washington: The United States and China announced Monday an agreement to drastically reduce tit-for-tat tariffs for 90 days, an outcome President Donald Trump dubbed a "total reset" as he said a call with counterpart Xi Jinping could soon follow.

After the first talks between Washington and Beijing since Trump launched his trade war, the world's two biggest economies agreed in a joint statement to bring their triple-digit tariffs down to two figures and continue negotiations.

The announcement sent financial markets soaring after weeks of turmoil over tariff fears, with major Wall Street indexes surging.

"Yesterday we achieved a total reset with China after productive talks in Geneva," Trump said. "I'll speak to President Xi, maybe at the end of the week."

US Treasury Secretary Scott Bessent described weekend discussions with Chinese Vice Premier He Lifeng and international trade representative Li Chenggang as "productive" and "robust" with both sides anticipated to meet again soon.