The US and China have agreed to slash tariffs for 90 days

• The US and China agreed to reduce tariffs for 90 days after trade talks in Geneva.
• The US will cut tariffs on Chinese goods from 145% to 30% during this period.
• China will lower tariffs on American imports from 125% to 10% in the same timeframe.

The US and China have agreed to slash some tariffs for 90 days.

"We have reached an agreement on a 90-day pause and substantially moved down the tariff levels," US Treasury Secretary Scott Bessent said in Geneva on Monday following trade talks over the weekend.

The agreement will see the US slashing tariffs on Chinese goods from 145% to 30% for 90 days, Bessent said.

China will lower its tariffs on American imports from 125% to 10% over the same period, he said.

Bessent said the talks with China were "robust" and that both sides had shown "great respect."

The White House released a joint statement on the trade agreement reached by the two countries.

It said the US and China would "establish a mechanism to continue discussions about economic and trade relations" after the pause takes effect.

The statement also said the two countries recognized "the importance of their bilateral economic and trade relationship to both countries and the global economy."

Tariff uncertainty and an escalating trade war between the world's two largest economies roiled global markets. After President Donald Trump announced his "Liberation Day" levies on April 2, stock markets were rocked by historic levels of volatility.

American, Asian, and European stocks have jumped following the news. Dow futures were up more than 2%, with the Nasdaq nearing a 4% rise and S&P 500 futures higher by about 3%.

Hong Kong's Hang Seng Index added 3.3%, France's CAC index jumped just over 1%, and Germany's DAX rose by about 1.5%.

The dollar soared against major currencies.

This is a developing story. Please check back for updates.