The United States and China have agreed to a temporary reduction in the tariffs imposed on each other’s imports.

US Treasury Secretary Scott Bessent announced that both nations will lower their respective tariffs by 115% for a period of 90 days.

The agreement followed trade discussions held in Switzerland over the weekend, which Bessent previously called “productive and constructive.”

This marked the first formal meeting between the two sides since US President Donald Trump imposed significant tariffs on Chinese goods entering the US in January.