The US and China have agreed to put most tariffs on pause for 90 days, marking a major deescalation in a trade tit-for-tat that has roiled global markets. Treasury Secretary Scott Bessent, who led weekend trade talks for the US delegation,

The U.S. agreed to drop its 145% tariff rate on Chinese goods to 30%, while China agreed to lower its rate on U.S. goods to 10%.

The United States and China slashed tariffs on each other’s goods in a surprise breakthrough aimed at reviving trade between the economies. — British plane and aircraft parts are exempt from any potential tariffs that could stem from the Trump administration’s latest Section 232 investigation.