The prospects for a major breakthrough still appear slight, but even a small drop in tariffs — particularly if taken simultaneously — could help restore some confidence.

Low-cost packages imported to the United States by China that were historically exempted from paying dues have been provided some relief from steep tariffs the Trump administration placed on Beijing.

Treasury Secretary Scott Bessent said the US and China had agreed a 90-day pause and to "substantially" reduce tariff levels following talks in Geneva.