China and the United States are a 90-day break for the trade war, which are initiated by Donald Trump | Tariff

China and the United States have agreed a 90-day break for the in-depth trade war that has improved the global economy, with mutual tariffs being reduced by 115%.

In the media after talks in Geneva, the US Finance Minister Scott Bessent said that both sides had shown “great respect” in the negotiations.

Bessent said: “The consensus of both delegations this weekend was not a side that would like decoupling.”

The 90-day reduction of the tariffs applies to the tasks announced by Donald Trump on April 2, which ultimately escalated to 125% for Chinese imports, with Beijing reacting with equivalent measures.

China also imposed non-tariff measures, such as

The US trade representative, Jamieson Greer, said China's retaliation was disproportionate and was an effective embargo for the trade between the two largest economies in the world.

With the deduction of 115%, the Chinese duties for US goods are reduced to 10%, while the US taxes are reduced to 30%to Chinese goods. This is because the US tariffs contain an rate of 20% imposed by Trump before the latest trade war, which the President is related to the role of China in the United States' fentanyl crisis. The fentany -related tariff continues to apply.

A spokesman for the Chinese Ministry of Commerce said: “This step corresponds to the expectations of producers and consumers in both countries as well as the interests of both the nations and the common interest in the world.

“We hope that the US team based on this meeting continues to progress in the same direction with China, fully corrected the incorrect practice of one -sided tariff hikes and that continuously strengthens advantageous cooperation for both sides.”

China's Yuan jumped to the signal at a six -month maximum stand that the trade war would be. According to some estimates, up to 16 million jobs in China were at risk in China, while the United States was exposed to increasing inflation and empty shelves thanks to dizzying tariffs.

Bessent said he was impressed by the extent of Chinese engagement for the Fentanyl problem during the conversations in Switzerland. “For the first time, the Chinese side understood the size of what is happening in the USA,” said Bessent.

A joint explanation published by the USA and China on Monday said that both sides “would further promote the work associated with it in the spirit of mutual openness, continuous communication, cooperation and mutual respect”.

William Xin, the chairman of the hedge fund Spring Mountain Pu Jianang Investment Management, told Reuters: “The result surpasses the market expectations by far. Before that, the hope was only that the two sides could sit down to speak, and the market was very fragile. Now there was more certainty. Both China shares and Yuan will be up for a while.”

Hu Xijin, the former publisher of the nationalist Chinese tabloid of the global times, said on social media that the agreement was a “great victory for China when protecting the principles of equality and mutual respect”. At Weibo, HU found that the recently agreed trade agreement in Great Britain had impossed the 10% tariff in Great Britain:

Wang Wen, the head of the Chongyang Institute for Financial Sciences at Renmin University in Beijing, said: “This is an unexpected performance in the collective bargaining of the Chinese-US tariff.”

However, Wang also urged caution, as he said that the agreement “neither represents the solution to the structural contradictions between China and the United States, nor will this mean that there will be no friction and serious differences between China and the United States in the future.

The stock markets all over Europe rose after the announcement of the US-China. The Germany's Dax index rose by 1.5%, with Mercedes-Benz, Daimler Trucks and BMW being interrupted at the greatest risers. The France CAC index rose by 1.2%.

Additional research by Lillian Yang