U.S. Trade Representative Jamieson Greer said the U.S. agreed to drop the 145% tax Trump imposed last month to 30%. China agreed to lower its tariff rate on U.S. goods to 10% from 125%. Greer and Treasury Secretary Scott Bessent announced the tariff reductions at a news conference in Geneva.

Both sides are hailing the temporary reprieve, which will cut U.S. duties on Chinese goods to 30 percent, but analysts say underlying issues remain.

The White House backed off from the steepest levies, as the costs of an all-out trade war with China threatened global economic growth.