US and China agree to drastically roll back tariffs

The United States and China agreed Monday to drastically roll back tariffs on each other’s goods for an initial 90-day period, in a surprise breakthrough that has de-escalated a punishing trade war and buoyed global markets.

The 90-day pause will come into effect from Wednesday, with the US reducing tariffs on China to 30%, down from 145%. China will reduce duties on US goods to 10%, down from 125%
Both countries will establish "a mechanism to continue discussions about economic and trade relations", spearheaded by US Treasury Secretary Scott Bessent and China's Vice premier He Lifeng
Future talks may be held in China or the United States, the statement adds
They acknowledge the "importance of their bilateral economic and trade relationship to both countries and the global economy"․