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.
The White House said the tariffs President Donald Trump announced against China on April 2 will be cut by 24 percentage points for this temporary period while retaining the remaining ad valorem rate of 10% from that announcement.
China made the same agreement, adding that it will "adopt all necessary administrative measures to suspend or remove the non-tariff countermeasures taken against the United States since April 2," a White House announcement stated.
The U.S. and China announced on Monday that tariffs against one another will be reduced for an initial 90-day period. (Brendan Smialowski/AFP/Getty Images / Getty Images)
Both the U.S. and China agreed to take the aforementioned actions by Wednesday.
This agreement comes after an intense trade war between the two countries over the past few weeks.