The United States and China have agreed on a significant reduction in mutual tariffs for 90 days, indicating a de-escalation in their trade war. The two countries agreed in a joint statement to reduce triple-digit tariffs to double digits, while negotiations continue.

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

This announcement comes after months of escalating tensions that raised concerns about slowing growth.