The U.S. and China have agreed to roll back most recent tariffs and begin a 90-day truce to allow more time for trade negotiations.
The U.S. will reduce tariffs on Chinese goods from 145% to 30%, and China will cut tariffs on U.S. goods to 10%, both dropping by 115 percentage points.
Both countries agreed to cancel 91% of existing tariffs and suspend another 24% for the 90-day period.
China's Commerce Ministry said this deal is a positive step toward resolving trade disputes and will help future cooperation.
U.S. officials said the high tariffs were effectively blocking trade, and both countries are against "decoupling" (cutting off trade ties).
The joint statement noted that China will also suspend or remove other trade measures taken since April 2 in response to U.S. actions.
Both sides emphasized their goal is to have more balanced and fair trade, not to stop trade altogether.
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