The United States and China have agreed to temporarily reduce the high tariffs they have imposed against each other.

The two countries jointly announced the 90-day tariff rollback on Monday, following the conclusion of their high-level trade negotiations

Washington will lower its tariffs from the current 145 percent to 30 percent for the next 90 days, saying it will maintain the same universal ten percent reciprocal tariff it charges all countries as well as a 20-percent tariff for China’s failure to crack down on the entry of fentanyl ingredients into the United States.

Beijing, for its part, will cut its retaliatory tariffs from 125 to ten percent over the next 90 days.

The agreement came after two days of marathon talks in Geneva led by U.S. Treasury Secretary Scott Bessent, U.S. Trade Representative Jamieson Greer, Chinese Vice Premier He Lifeng and Vice Commerce Minister Li Chenggang.