Tariff rates on small packages from China will be cut in half, though a flat-fee option will not change, the White House said Monday. Why it matters: Trump previously ended a loophole that allowed low-value goods into the country tariff-free — the rate reversal will ease price pressures on customers of Chinese retailers like Shein and Temu.

Representatives from China and the U.S. met for a second day Sunday to discuss trade policies amid fallout from President Donald Trump’s tariff plan.

The Geneva talks come after President Trump slapped 145% tariffs on U.S. imports from China and Beijing retaliated with a 125% levy on U.S. goods.

It’s important to understand how quickly we were able to come to an agreement, which reflects that perhaps the differences were not as large as maybe thought.”

The U.S. agreed to cut tariffs on Chinese goods from 145% to 30%, while China committed to reduce tariffs on U.S. products from 125% to 10%. The lowered tariffs will remain in place for 90 days while the two sides negotiate a wider trade deal.

An alumnus of the first Trump White House assessed that, of Trump’s Cabinet, Bessent seems to be the “most serious person in the room.”

Officials wrapped up two days of bargaining in Switzerland and touted "substantial progress." More details are expected on Monday.

The US has confirmed it has struck a trade deal with China following crunch talks that took place in Switzerland over the weekend. In a White House press release, Treasury Secretary said the two sides had made "substantial progress" in the "very important trade talks. Full details or the US-China trade deal are expected to be revealed on Monday.