GENEVA — The United States and China have agreed to temporarily slash reciprocal tariffs in a deal that surpassed expectations as the world’s two biggest economies seek to end a damaging trade war that has stoked fears of recession and roiled financial markets.

The White House backed off from the steepest levies, as the costs of an all-out trade war with China threatened global economic growth.

U.S. Trade Representative Jamieson Greer spoke Monday night with CNN's Kaitlan Collins, who asked: "If there were no major concessions made in Geneva by the Chinese officials, some businesses may ask,

China and the United States announced a truce in their trade war on Monday after talks in Geneva that will roll back the bulk of tariffs and other countermeasures by Wednesday. The United States is dropping the extra tariffs it imposed on China this year to 30% from 145%,

Stock markets rose sharply as the globe’s two major economic powers took a step back from a clash that has unsettled the global economy.

I spent four and a half years living there in the mid-1970s during trade negotiations called the Tokyo Round, which set the table for the current negotiations by lowering tariffs on manufacturers. The tariff rates that Trump complains about now were agreed to at the Tokyo Round and a decade later as part of the most-favored-nation round.

The U.S. and China agreed to a 90-day pause in their trade conflict. Here's what China's tariffs on the U.S. looked like in 2024.

The U.S.-China tariff deal sent the tech-heavy Nasdaq soaring, entering a bull market, and economists are optimistic that the U.S. may dodge a recession.