TMTPOST -- The United States and China announced Monday that they had reached an agreement to significantly reduce reciprocal tariffs, as both sides move to ease a trade war that has rattled global markets and weighed on the world economy.

Following talks with Chinese officials in Geneva, U.S. Treasury Secretary Scott Bessent told reporters that the two countries had agreed to a 90-day pause on further trade measures, with reciprocal tariffs set to drop by 115%.