U.S. Secretary of the Treasury Scott Bessent and U.S. Trade Representative Jamieson Greer address the media after trade talks with China in Geneva, Switzerland, May 11, 2025. Keystone/EDA/Martial Trezzini/Handout via REUTERS THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY.

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US, China agree to slash tariffs by 115% for 90 days after talks in Geneva

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Published On 12 May 202512 May 2025

  • The United States and China announce agreement to drastically reduce tit-for-tat tariffs for 90 days, de-escalating a trade war that has roiled financial markets and raised fears of a global economic downturn.
  • President Donald Trump says he would slash drug prices by 59 percent, a day after he unveiled a new policy on pharmaceuticals in the United States.