US and China Agree to 90-Day 'Pause' in Tariff War; Russia and Ukraine May Meet for Talks in Turkey

U.S. and Chinese officials say they have reached a deal to roll back most of their recent tariffs and call a 90 day pause so they can keep talking to resolve their trade disputes.   

Treasury Secretary Scott Bessent made the announcement this morning in Switzerland where negotiations had been held.

"We have reached an agreement on a 90 day pause," Bessent said, "and substantially moved down the tariff levels. Both sides, on the reciprocal tariffs, will move their tariffs down 115 percent."

U.S. Trade Representative Jameison Greer said the new tariff on Chinese goods "goes down 115 percent. And the Chinese, on their side, also go down 115 percent, and they remove the counter-measures that they have in place."

The White House in a press statement said, "The trade deal is a win for the United States, demonstrating President Trump's unparalleled expertise in securing deals that benefit the American people."

The head of the Chinese delegation, He Lifeng said, "The meeting achieved substantial progress and reached an important consensus."

Under the agreement, the U.S. still has a 30-percent tariff on Chinese goods, three times the Chinese tariff on American imports. 

The U.S. is by far China's largest customer, exporting $450 billion in goods each year to America, and Trump's 145 percent tariffs put a heavy burden on China's already struggling, export-driven economy. 

Sen. John Hoeven (R-ND) told Fox News that China is "under incredible pressure and that's why you see them coming to the table they way they are coming now. But remember, they've been the worst trade abuser of all. It's not just tariffs, it's non-tariff trade barriers, it's stealing our intellectual property, violating patents and copyrights, all these things." 

The announcement of the trade deal sent U.S. stock futures, as well as Asian and European markets, all surging.  

Ukraine-Russia Negotiations

While the U.S. and China hammer out their trade dispute, a deal to end Russia's war in Ukraine is proving far more elusive after Vladimir Putin evaded a call for a 30-day ceasefire by Ukraine and European nations. 

Putin has called for direct negotiations with Ukraine, and responded to the ceasefire proposal with an overnight drone attack

While Zelenskyy told his people he's waiting on a cease-fire agreement, President Trump posted on Truth Social, "President Putin of Russia doesn't want to have a Cease Fire Agreement with Ukraine, but rather wants to meet on Thursday, in Turkey, to negotiate a possible end to the BLOODBATH. Ukraine should agree to this, IMMEDIATELY." 

Zelenskyy then posted on X, "I will be waiting for Putin in Turkey on Thursday." 

Congressman Michael McCaul (R-Texas) said, "It's really up to Mr. Putin, who so far has not been negotiating in good faith as to how we proceed from here. And we all want this war to end. We all want peace, but we want a just peace."

The White House is also taking a victory lap over the ceasefire it negotiated between India and Pakistan, after fighting in the disputed Kashmir region left dozens dead.