"Today’s announcement is a positive step that will allow some trade between the two countries to resume," said U.S.-China Business Council President Sean Stein

The U.S. agreed to cut tariffs on Chinese goods from 145% to 30%, while China committed to reduce tariffs on U.S. products from 125% to 10%. The lowered tariffs will remain in place for 90 days while the two sides negotiate a wider trade deal.

The White House has said its agreements with the U.K. and China are starting points, but so far the Trump administration has given up more than it has gained.

Treasury Secretary Scott Bessent said the U.S. and China could start work soon on a fuller trade agreement, after the countries struck a [temporary deal](

Global markets are rallying on optimism over Washington and Beijing reaching a major, if temporary, détente in their tariff fight.

Asian shares are mostly higher as a cautious sense of relief spreads through regional markets after the U.S. and China agreed to a 90-day pause in their trade war to allow for negotiations.

China said it has suspended some nontariff measures taken against U.S. entities imposed in April, another move to de-escalate tensions and implement [the trade agreement](

President Donald Trump hailed a “total reset” in trade relations between the U.S. and China. But other trading partners may not find negotiations quite so smooth. To many, China may have appeared the toughest agreement to reach but Trump suggested otherwise, taking aim at the European Union Monday.