US, China announce reduced tariffs for 90 days after trade talks

The U.S. and China announced on Monday that tariffs against one another will be reduced for a 90-day period after officials held trade negotiations in Geneva, Switzerland.

The tariffs President Donald Trump announced against China on April 2 are being cut by 24 percentage points for this temporary period while retaining the remaining ad valorem rate of 10% from that announcement, according to a joint statement.

China agreed to the same stipulations, adding that it will "adopt all necessary administrative measures to suspend or remove the non-tariff countermeasures taken against the United States since April 2," the announcement stated.