U.S. and Chinese officials said they had reached a deal to roll back most of their recent tariffs and call a 90-day truce in their trade war for more talks on resolving their trade disputes.

Beijing says it is ‘strictly implementing’ consensus reached in Geneva but US is taking steps that ‘seriously undermine’ it

The talks in Switzerland resulted in significant cuts to the tit-for-tat tariffs that had been stacked up since January on both sides. The US will lower those tariffs from 145% to 30%, while China's retaliatory tariffs on US goods will drop to 10% from 125%.

Most analysis missed the role of Switzerland as host in the China-U.S. trade talks, but its quiet mediation should serve as a role model for other states.

WASHINGTON (Reuters) -U.S. President Donald Trump on Friday accused China of violating a bilateral deal to roll back tariffs and announced a doubling of worldwide steel and aluminum tariffs to 50%, once again rattling international trade.

Treasury Secretary Scott Bessent said Sunday that China is withholding critical minerals it agreed to release in a trade deal the country signed with U.S. negotiators last month in Geneva.

U.S. and Chinese officials are set to meet in Switzerland to discuss potentially de-escalating the trade spat that has resulted in high tariffs for each country.

President Trump said that Beijing was not honoring the terms of a temporary agreement and warned of further confrontation.