US-China Trade War: 90-Day Truce, Massive Tariff Cuts

In a surprise breakthrough, the US and China agreed to significantly roll back tariffs on each other's goods for 90 days, easing the punishing trade war and boosting global markets. The US will temporarily lower tariffs on Chinese goods from 145% to 30%, while China will cut tariffs on US imports from 125% to 10%. Both sides committed to establishing a mechanism for continued dialogue on economic and trade relations. The news sent global markets soaring, easing recession fears.