The deal involves both nations cancelling some tariffs altogether and suspending others for 90 days, by 14 May. The result is that US tariffs on Chinese imports will fall to from 145% to 30%, while Chinese tariffs on some US imports will fall from 125% to 10%.

The United States and China announced that they have agreed to temporarily lower tariffs, after a weekend of marathon negotiations in Geneva, Switzerland. CNN’s Kristie Lu Stout breaks down what we know about the agreement.

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.