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A deal is yet to be made as the two countries negotiate in Geneva this weekend, but Trump touted his team had ‘a very good meeting’

U.S. President Donald Trump says U.S.-China trade negotiations are undergoing a “total reset” after a high-level meeting in Geneva. The comments come after weeks of escalating tariffs, with both countries imposing duties exceeding 100% on each other’s goods under Trump’s "reciprocal" tariff plan.

American levies on Chinese goods will drop from at least 145% to 30% for an initial period 90 days, while Chinese levies are set to fall from at least 125% to 10% on American goods.

The United States and China have agreed a deal to temporarily slash reciprocal tariffs as the world's two biggest economies seek to end a damaging trade war that has stoked fears of recession and set financial markets on edge.