The US and China have agreed to suspend most of the tariffs on goods imported from each other for 90 days effective Wednesday, according to a joint statement released by the White House Monday. The US reduced its reciprocal tariff on Chinese goods to 10% from 125%. With the 20% tariffs announced in February and March against Chinese goods remaining in place, the total tariff against Chinese goods will now be 30%. At the same time, China agreed to cut tariffs on US goods to 10% from 125%. In a press briefing after trade negotiations in Geneva, US Treasury Secretary Scott Bessent said neither side was looking for a decoupling but wanted to ensure more balanced trade.