In a surprise move, the United States and China announced an agreement to significantly reduce mutual tariffs for 90 days, signaling a de-escalation in their trade war. In a joint statement, the two countries agreed to reduce triple-digit tariffs to double-digits, while negotiations continue.

The Chinese side welcomed this progress, describing it as "in the interests of both countries and the common interest of the world," expressing hope that Washington would continue to work with Beijing "to correct the wrong practice of unilateral tariff increases."

This announcement comes after months of escalating tensions that have raised concerns about slowing global economic growth and renewed inflation. Financial markets are closely monitoring the developments in these negotiations and their potential impact on global trade.