After days of high-level negotiations, the trade standoff between the United States and China temporarily paused on Wednesday, with two of the world's largest economies slashing sweeping tariffs on each others' goods for 90 days.

Treasury Secretary Scott Bessent told reporters the two sides had agreed on a 90 day pause on measures and that tariffs would come down by over 100 percentage points to 10%.

Treasury Secretary Scott Bessent said the US and China had agreed a 90-day pause and to "substantially" reduce tariff levels following talks in Geneva.