What do 90-day tariff reductions between China and US mean for global trade?

After high-level talks in Geneva, China and the United States have announced a series of tariff adjustments between the world's two largest economies. The two sides will remove 91% of tariffs and suspend 24% for 90 days while further talks continue. After the adjustment, both sides will retain a 10 percent baseline tariff while the U.S.'s 20% fentanyl-linked levy imposed earlier this year will…