Treasury Secretary Scott Bessent told reporters the two sides had agreed on a 90 day pause on measures and that tariffs would come down by over 100 percentage points to 10%.

GENEVA — U.S. and Chinese officials said Monday they had reached a deal to roll back most of their recent tariffs and call a 90-day pause to keep talking to resolve their trade disputes. Stock markets rose sharply as the globe’s two major economic powers took a step back from a clash that has unsettled the global economy.

The 145 percent U.S. tariff on Chinese goods will come down to 30 percent under the deal. The U.S. Treasury secretary said “neither side wanted a decoupling.”