The US and China have agreed to suspend most tariffs on each other's goods for 90 days, US Treasury Secretary Scott Bessent said Monday.

The deal between the US and China means that their reciprocal tariffs will be lowered to 10% from 125%.

"We had very productive talks," Bessent said Monday following a meeting with Chinese officials in Switzerland over the weekend. "We have reached an agreement on a 90-day pause and substantially move down the tariff levels. Both sides on the reciprocal tariffs will move their tariffs down 115%," Bessent said.

Beijing and Washington will continue discussions on economic and trade policy, media outlets reported.