12 May: The US and China announce a 90-day pause on "reciprocal" tariffs starting 14 May after holding trade talks in Switzerland. It will bring US tariffs on Chinese imports down from 145% to 30%, and Chinese tariffs on US goods will fall from 125% to 10%

Wall Street is set to open sharply higher after the US agreed to cut tariffs on Chinese goods to 30%, with China reducing its levies to 10%.

Treasury Secretary Scott Bessent told reporters the two sides had agreed on a 90 day pause on measures and that tariffs would come down by over 100 percentage points to 10%.