GENEVA: The United States and China announced Monday an agreement to drastically reduce tit-for-tat tariffs for 90 days, de-escalating a trade war that has roiled financial markets and raised fears of a global economic downturn.
After their first talks since US President Donald Trump launched his trade war, the world’s two biggest economies agreed in a joint statement to bring their triple-digit tariffs down to two figures and continue negotiations.
US Treasury Secretary Scott Bessent described the weekend talks with Chinese Vice Premier He Lifeng and international trade representative Li Chenggang as “productive” and “robust.”
“Both sides showed a great respect,” Bessent told reporters.
US President Donald Trump had imposed duties of 145 percent on imports for China last month — compared to 10 percent for other countries in the global tariff blitz he launched last month.
Beijing hit back with duties of 125 percent on US goods.
Bessent said the two sides agreed to reduce those tariffs by 115 percentage points, taking US tariffs to 30 percent and those by China to 10 percent.
In their statement, the two sides agreed to “establish a mechanism to continue discussions about economic and trade relations.”
China hailed the “substantial progress” made at the talks.
“This move... is in the interest of the two countries and the common interest of the world,” the Chinese commerce ministry said, adding that it hoped Washington would keep working with China “to correct the wrong practice of unilateral tariff rises.”
The dollar, which tumbled after Trump launched his tariff blitz in April, rallied on the news while US stock futures soared. European and Asian markets also rallied.
The trade dispute between Washington and Beijing has rocked financial markets, raising fears the tariffs would rekindle inflation and cause a global economic downturn.
The head of the World Trade Organization, Ngozi Okonjo-Iweala, praised the talks on Sunday as a “significant step forward” that “bode well for the future.”
“Amid current global tensions, this progress is important not only for the US and China but also for the rest of the world, including the most vulnerable economies,” she added.
Ahead of the meeting at the discreet villa residence of Switzerland’s ambassador to the United Nations in Geneva, Trump had signalled he might lower the tariffs, suggesting on social media that an “80 percent Tariff on China seems right!“
However, White House Press Secretary Karoline Leavitt later clarified that the United States would not lower tariffs unilaterally, saying China would also need to make concessions.
The Geneva meeting came days after Trump unveiled a trade agreement with Britain, the first with any country since he unleashed his blitz of global tariffs.
The five-page, nonbinding deal confirmed to nervous investors that Washington was willing to negotiate sector-specific relief from recent duties.
But Trump maintained a 10 percent levy on most British goods, and threatened to keep it in place as a baseline rate for most other countries.
US, China agree to slash tariffs in trade war de-escalation
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US, China agree to slash tariffs in trade war de-escalation
- The United States and China announced Monday an agreement to drastically reduce tit-for-tat tariffs for 90 days
India rolls out strictest anti-pollution curbs as toxic smog engulfs Delhi
- Private monitors in several parts of northern Delhi recorded AQI spikes between 550 and 700s
- Authorities invoked stage four of the capital region’s emergency pollution-control framework
NEW DELHI: India’s capital choked under a thick blanket of smog on Sunday, with the government imposing anti-pollution curbs after monitoring stations in some areas recorded extremely hazardous air quality.
Home to 30 million people, Delhi has not recorded a single “clean air” day in 2025, with Air Quality Index readings hitting high above the 50 score throughout the year.
On the AQI scale from 0 to 500, good air quality is represented by levels below 50, while levels above 300 are dangerous.
Worsening since late October, official records over the weekend were in the severe to severe-plus range of 400–500, but as 24-hour averages, they did not capture the peaks. Private monitors in several parts of North and North West Delhi recorded AQI spikes above 550 and even into the 700s in real-time.
On Saturday evening, the Ministry of Environment’s Commission for Air Quality Management invoked stage four — the highest level — of the Graded Response Action Plan for Delhi and surrounding areas.
To “prevent further deterioration of air quality in the region,” the commission suspended all non-essential construction, shut stone crushers and mining operations, stopped entry of trucks into the capital region, and ordered schools to shift to hybrid classes or online, where possible.
While authorities blamed the pollution on “adverse meteorological conditions,” residents have been demanding more government action.
“The situation is so bad in Delhi that we don’t have any option but to force kids to do online classes. The government has failed us; it has not done anything to address the issue,” said Nabanita Nayak, who decided for her teenage children to attend school online only, despite concerns over their screen addiction.
“If the kids are too much in front of laptops, that’s also an issue. As a mother, I am worried.”
Delhi’s pollution has been worsening since Diwali in late October, when the average AQI has been above 370, or “very poor.” Since mid-November, it has been over 400, which means “severe” air quality, with certain areas recording 500 and above, which is classified as a “hazardous” level.
“I don’t feel proud living in Delhi. It’s the capital city of the country … We talk about being a developed nation by 2047 — we have deadlines,” said Jagriti Arora, who is keeping her 7-year-old daughter at home to prevent allergy flare-ups caused by air pollution.
“The government has to do something … China had a big problem with pollution, but now they’ve managed to bring it down.”
Delhi’s air quality deteriorates in winter due to local emissions and seasonal weather conditions. Cold temperatures and low wind speeds result in a temperature inversion, which traps pollutants close to the ground instead of letting them disperse. This allows emissions from millions of vehicles, ongoing construction, and nearby industrial activity to accumulate in the air. Urban waste burning and dust from construction sites further add to it.
“This is not a new thing. This has been happening now for over 10 years,” Arora said. “You can see it. You don’t need to actually look at an AQI meter to see how bad the pollution is these days.”
