The White House says the U.S. and China have agreed to suspend for 90 days most of the tariffs imposed against each other over the last couple months.

The Trump administration has lowered the tariff on low-value shipments (under $800) from China and Hong Kong from 120% to 54%, as part of a temporary trade

Long-threatened tariffs from U.S. President Donald Trump have plunged the country into trade wars abroad — all while on-again, off-again new levies continue to escalate uncertainty.

After second day of talks with the U.S., Chinese Vice Premier He Lifeng said trade talks with the U.S. “achieved substantial progress and reached important consensus.”

Both nations pledged to cut their broad, ballooning tariffs after weekend talks. US tariffs dropped to 30% from 145%, while China’s moved to 10% from 125%, per a joint statement

The U.S. had been slapping fresh 145% tariffs on products coming into the country from China. Meanwhile, China responded with 125% tariffs on incoming American items. In a joint statement released by The White House on Monday,

Key Takeaways Stocks were buoyant on Monday after White House officials said the U.S. and China had agreed to scale back tariffs for 90 days as negotiators work on a long-term deal.The reprieve exceeded Wall Street's expectations and reassured some investors that President Trump's steepest tariffs are more a negotiating tactic than a permanent

Henry Ford, the founder of the car company that bears his name, went to the White House to plead with the president personally, urging him not to sign a tariff bill — the now infamous Smoot-Hawley Tariff Act — which Ford considered “an economic stupidity.