WASHINGTON (TNND) — The United States and China agreed on Monday to cut back most of their recent tariffs for a 90-day truce in President Donald Trump's trade war.

U.S. Trade Representative Jamieson Greer said the U.S. agreed to drop its 145% tariffs on goods from China by 115 percentage points to 30%, and China agreed to lower its rate on U.S. goods by the same amount to 10%.

“The consensus from both delegations this weekend is neither side wants a decoupling,” Treasury Secretary Scott Bessent told reporters during a news conference in Geneva. “And what had occurred with these very high tariff ... was an embargo, the equivalent of an embargo. And neither side wants that. We do want trade."

"We want more balanced trade. And I think that both sides are committed to achieving that," he added.

China hopes the U.S will stop “the erroneous practice of unilateral tariff hikes” and work with China to safeguard the development of their economic and trade relations, injecting more certainty and stability into the global economy, China’s Commerce Ministry said.

This is a breaking news story and will be updated.