The United States and China have agreed to drastically roll back tariffs on each other’s goods for an initial 90-day period, according to a joint statement released by the two countries this evening.

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

By May 14, the US will temporarily lower its tariffs on Chinese goods from 145 per cent to 30 per cent, while China will cut its levies on American imports from 125 per cent to 10 per cent, according to the joint statement.

The two sides also said they’d agreed to establish “a mechanism to continue discussions about economic and trade relations,” led by Chinese Vice Premier He Lifeng and US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer.

“These discussions may be conducted alternately in China and the United States, or a third country upon agreement of the parties,” the statement said.

“As required, the two sides may conduct working-level consultations on relevant economic and trade issues.”