The deal involves both nations cancelling some tariffs altogether and suspending others for 90 days, by 14 May. The result is that US tariffs on Chinese imports will fall to from 145% to 30%, while Chinese tariffs on some US imports will fall from 125% to 10%.

Key Takeaways The U.S. and U.K. announced a trade deal framework on Thursday, boosting Wall Street's hopes for more deals to come. U.S. and Chinese officials are scheduled to meet in Switzerland this weekend to hold their first talks since the beginning of a tit-for-tat trade war that White House officials have compared to an embargo.

Trump announced a 90-day pause on his long-anticipated reciprocal tariff plans, including a proposed 26% duty on Indian goods