The U.S. and China have agreed to pause escalating tariffs for 90 days, with the U.S. reducing its 34% tariff on Chinese imports to 10% and lifting additional duties that increased the total tariff burden. In exchange, China will similarly reduce its tariffs on U.S. goods. The agreement aims to foster ongoing discussions on economic and trade matters, reflecting a constructive dialogue between both nations. Officials expressed optimism that this cooperation can stabilize trade relations and benefit both countries.

Source: https://www.supplychaindive.com/news/us-china-trade-agreement-tariff-pause/747721/