Beijing, Washington agreed to drastically lower sky-high tariffs in a deal that emerged from pivotal talks in Geneva.

As part of the US China trade agreement, the United States has reduced tariffs on Chinese imports to 30%, while China has brought down its tariffs on American goods to 10%, a massive reduction of over 100 percentage points in some cases.

Brazil signed protocols with China on Tuesday to allow exports of an ethanol by-product used in animal feed, challenging U.S. dominance in the market amid the ongoing China-U.S. trade standoff.

Both nations pledged to cut their broad, ballooning tariffs after weekend talks. US tariffs dropped to 30% from 145%, while China’s moved to 10% from 125%, per a joint statement

Chinese Vice Premier He Lifeng, Beijing's lead person for trade talks with the US, said that both countries had reached a consensus in Geneva to de-escalate the 'damaging' tariff war, urging Washington to broaden the scope of cooperation between the two sides.

Treasury Secretary Scott Bessent reported "substantial progress," but offered no details of an agreement reached as two days of negotiations wrapped up in Geneva.

President Donald Trump continues to forge ahead with his domestic and foreign policy agenda. Follow here for the latest live news updates.

The UK government said there was "no such thing as a veto on Chinese investment" in its tariff deal with the US.