The Latest Breaking News from Jamieson Greer

The two countries are set to suspend tariffs for 90 days and slash rates going forward after holding negotiations in Switzerland over the weekend.

It comes as Trump has defended reports the Qatari royal family will gift a $400 million Boeing jet to the president to use as the new Air Force One

Donald Trump has “blinked”, says analyst, at Washington and Beijing cut reciprocal tariffs by 115 percentage points, for 90 days at least

Asian stocks rallied Monday after top Chinese and US officials held "substantial" trade talks at the weekend, fuelling hopes the two sides will dial down a tariff standoff that has rattled global markets and fuelled recession fears.

Australian shares have edged slightly higher amid trade talks between the world's two largest economies, but a deal on tariffs is yet to come.

The United States and China are set to provide details on Monday of the "substantial progress" made during talks in Switzerland over the weekend aimed at cooling trade tensions ignited by President Donald Trump's sweeping tariffs.

US announcement comes after treasury secretary touted progress in two days of talks with Chinese vice-premier in Geneva

Tariff talks begin between US and Chinese officials in Switzerland on Saturday. This follows US President Donald Trump increasing US tariffs on China to a combined 145%, and China retaliating by hitting America with a 125% levy last month.

The Swiss government said its talks with Bessent and US Trade Representative Jamieson Greer were “convivial and constructive” and were aimed to lay out the guidelines for a deal on the issue of customs duties to be discussed again in coming weeks.

The world’s two largest economies will hold official trade talks this weekend.

Switzerland will once again Friday try to talk its way out of punitive tariffs on its exports to the United States, which would have serious ramifications for Swiss jobs and businesses.