US, China Agree to Tariff Pause for 90 Days

GENEVA (AP) — The United States and Chinese officials said on Monday they had reached a deal to roll back most of their recent tariffs and call a 90-day truce in their trade war for more talks on resolving their trade disputes.

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Stock markets rose sharply as the globe's two major economic powers took a step back from a clash that has unsettled the global economy.

US Trade Representative Jamieson Greer said the US agreed to drop its 145 percent tariff rate on Chinese goods by 115 percentage points to 30 percent, while China agreed to lower its rate on US goods by the same amount to 10 percent.