In a surprising turn of events, the United States and China have agreed to significantly reduce tariffs following a pivotal meeting in Geneva. This agreement, announced on a Monday, has exceeded Wall Street's expectations and initiated a 90-day 'cooling-off' period for further negotiations.

The U.S. treasury secretary and America’s top trade negotiator began talks with high-ranking Chinese officials in Switzerland Saturday aiming to de-escalate a dispute that threatens to cut off trade between the world’s two biggest economies and damage the global economy.

Bessent, Greer and He were meeting in Geneva after weeks of growing tensions prompted by Trump's tariff blitz starting in February and retaliation from Beijing that has brought nearly $600 billion in annual bilateral trade to a virtual standstill.