#TradeWarEases
Share markets jumped on Monday after President Trump said weekend talks had resulted in a "total reset" in trade terms between the US and China, a move which goes some way to defuse the high stakes stand-off between the two countries.
The talks in Switzerland resulted in significant cuts to the tit-for-tat tariffs that had been stacked up since January on both sides.
The US will lower those tariffs from 145% to 30%, while China's retaliatory tariffs on US goods will drop to 10% from 125%.
President Trump told reporters, that, as some of the levies have been suspended rather than cancelled altogether, they might rise again in three months time, if no further progress was made.
However, he said he did not expect them to return to the previous 145% peak.
"We're not looking to hurt China," Trump said after the agreement was announced, adding that China was "being hurt very badly".
"They were closing up factories. They were having a lot of unrest, and they were very happy to be able to do something with us."
He said he expected to speak to Chinese President "maybe at the end of the week".