The U.S. and China announced on Monday that tariffs against one another will be reduced for an initial 90-day period after officials held trade negotiations in Geneva.

"We have reached an agreement on a 90-day pause and substantially moved down the tariff levels," US Treasury Secretary Scott Bessent said.

The U.S. and China have agreed to slash tariffs on each other's goods for 90 days. Both sides will lower their tariffs on the other's goods by 115% for 90 days, U.S. Treasury Secretary Scott Bessent said early Monday. The pause will also allow for further negotiations.