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.

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.

Both sides are hailing the temporary reprieve, which will cut U.S. duties on Chinese goods to 30 percent, but analysts say underlying issues remain.