The US is cutting tariffs on Chinese goods from 145% to 30% while China is chopping its levies on American imports from 125% to 10%.

The United States and China said on Monday they have agreed a deal to slash reciprocal tariffs as Washington and Beijing seek to end a trade war that has disrupted the global economy and set financial markets on edge.

The U.S. and China have agreed to slash tariffs on each other's goods for 90 days. Both sides will lower their tariffs on the other's goods by 115% for 90 days, U.S. Treasury Secretary Scott Bessent said early Monday. The pause will also allow for further negotiations.