The U.S. and China announced on Monday that tariffs against one another will be reduced for an initial 90-day period after officials held trade negotiations in Geneva.

The White House says the U.S. and China have agreed to suspend for 90 days most of the tariffs imposed against each other over the last couple months.

New agreement sees reciprocal US-China tariffs drop from 125% to 10% for 90 days, with final US tariff rate on China lowered to 30%