U.S. Trade Secretary Scott Bessent said neither the U.S. nor China want to see a decoupling in their relationship, as each agreed to lower tariffs for 90 days.

The talks in Switzerland resulted in significant cuts to the tit-for-tat tariffs that had been stacked up since January on both sides. The US will lower those tariffs from 145% to 30%, while China's retaliatory tariffs on US goods will drop to 10% from 125%.