Global markets rose after the US and China slashed tariffs for 90 days in a significant de-escalation of the trade war. US tariffs on Chinese goods will fall to 30 per cent from 145 per cent and Chinese duties on US imports will fall to 10 per cent from 125 per cent, the two countries announced on Monday.

Scott Bessent, the US Treasury Secretary, finished a two-day negotiation marathon with Chinese Vice Premier He Lifeng in Geneva on Sunday, landing what he called “substantial progress” in a deal meant to tone down the aggressive trade war between the two countries.

U.S. negotiators said Sunday that “substantial progress” was made and “perhaps the differences weren’t so large” after two days of negotiations with a high-ranking Chinese delegation on ways to

Treasury Secretary Scott Bessent on Monday signaled that a de-escalation of the trade war over President Trump’s harsh tariff rates would have to come from China — not the US.