The United States and China agreed to reduce tariffs for 90 days, leading to a de-escalation of trade tensions between the two countries and a sharp rise in global markets.

Highlights of the agreement:

America reduced its tariffs on Chinese goods to 30%.

China reduced tariffs on American goods to 10%.

Financial markets experienced a significant rebound, with stocks and the dollar rising, while gold fell.

Despite this progress, some tariffs remain in place, and the agreement is considered a temporary truce that may end if a comprehensive deal is not reached.

Both parties also called for a ceasefire between India and Pakistan, in a move aimed at promoting peace in South Asia.