What went down in Switzerland?

In a breakthrough for the tariff war, the US is slashing its levies on Chinese goods from a sky-high 145% to 30%, while China is cutting its duties on American imports from 125% to 10%.

Note that specific fees – like those on electronics and leftover levies from President Trump’s first term – are sticking around.

The two countries also pledged to resume formal talks and set up a system for managing trade disputes.

Not bad for a weekend's work in the Alps.