The US and China have agreed to massively

The announcement comes after a weekend of marathon trade negotiations in Geneva, Switzerland by officials from the world’s two largest economic

roll back tariffs on each other’s goods for an initial 90-day period, de-escalating a global trade war.

Major breakthrough: The substantial, if temporary, agreement was unexpected. Just last week, Bessent sought to manage expectations by suggesting that his goal for the talks was “de-escalation” of tension and not “a big trade deal,” as the US and China had been at a virtual stalemate since President Donald Trump imposed his tariff policy.

The speed of the talks’ progress seemed to surprise even US Trade Representative Jamieson Greer: