U.S. and China to roll back on tariffs by 115%

And in a dramatic turn of events.. the U.S. and China have agreed to tangible bilateral tariff cuts.

The Trump administration will slash its import duties on Chinese products from 1-hundred-45 percent to 30 percent while Beijing will cut its tariffs from 1-hundred-25 percent to 10 percent.

This latest development follows talks among senior trade officials from Beijing and Washington this past weekend in Geneva.