#TradeWarEases The United States and China agreed to drastically reduce tariffs on each other's products for an initial period of 90 days, according to a joint statement released by the two countries on Monday, in a surprising breakthrough that has boosted global markets.

By May 14, the United States will temporarily reduce its tariffs on Chinese products from 145% to 30%, while China will lower its levies on U.S. imports from 125% to 10%, according to the joint statement.

The two parties also agreed to establish "a mechanism to continue discussions on economic and trade relations," led by Chinese Vice Premier He Lifeng, U.S. Treasury Secretary Scott Bessent, and U.S. Trade Representative Jamieson Greer.

These talks may take place alternately in China and the United States, or in a third country, by mutual agreement between the Parties.