When asked to comment on reports that after the China-US high-level economic and trade meeting in Geneva, China will reduce the tariffs on US goods from 125% to 10% within the initial 90 days, while the US will reduce the tariffs on Chinese goods to 30%,

Online shoppers in the U.S. will see a price break on their purchases valued at less than $800 and shipped from China after the Trump administration reached a truce with Beijing over sky-high tariffs.

U.S. Trade Representative Jamieson Greer spoke Monday night with CNN's Kaitlan Collins, who asked: "If there were no major concessions made in Geneva by the Chinese officials, some businesses may ask,

The prospects for a major breakthrough still appear slight, but even a small drop in tariffs — particularly if taken simultaneously — could help restore some confidence.

I spent four and a half years living there in the mid-1970s during trade negotiations called the Tokyo Round, which set the table for the current negotiations by lowering tariffs on manufacturers. The tariff rates that Trump complains about now were agreed to at the Tokyo Round and a decade later as part of the most-favored-nation round.

The U.S.-China tariff deal sent the tech-heavy Nasdaq soaring, entering a bull market, and economists are optimistic that the U.S. may dodge a recession.