U.S.-China trade talks in Geneva resulted in a temporary slash of tariff rates, but the ripple effect of this tit-for-tat escalation won’t disappear anytime soon.

The United States and China announced Monday an agreement to drastically reduce tit-for-tat tariffs for 90 days, an outcome President Donald Trump dubbed a "total reset" as he said a call with counterpart Xi Jinping could soon follow.

In a development that has sent ripples through global markets, the United States and China have reached a landmark agreement to significantly reduce tariffs on each other's products. This move, described by President Donald Trump as a 'total reset,

JPMorgan is walking back its 60% recession prediction for 2025 following the 90-day pause on trade tariffs agreed by China and the US.

Trump said Chinese leaders also agreed to remove or suspend various non-tariff countermeasures that China has taken against the United States and to cut off the flow of fentanyl to the United States.

Two days of high-stakes talks between the US and China have led to a 90-day pause on tariffs, with duties set to drop by 115 percentage points on both sides by Wednesday and with President Donald Trump and Chinese President Xi Jinping now likely to talk in the coming days.

Major U.S. retailers that make up many go-to shopping destinations are sharing the impacts of President Donald Trump's elevated import tariffs. Big name brands like Target, Home Depot, Mattel, Best Buy and others are releasing their quarterly earnings reports along with some warning that prices may be going up because of tariff hikes.