The U.S. and China agreed to a temporary truce in their trade war—one that has rattled global markets and strained supply chains across the world’s two largest economies.
The particulars are as follows: The U.S. will slash tariffs on Chinese goods from 145% to 30%. In return, China will lower its tariffs on American imports from 125% to 10%.
The agreement is set to last just 90 days.