US and China agree to slash tariffs as trade war easesBritish Broadcasting CorporationBritish Broadcasting Corporation

The US and China have agreed to significantly reduce tariffs on each other's goods, marking a major de-escalation in their trade war. The US will lower tariffs from 145% to 30%, while China will drop its retaliatory tariffs from 125% to 10%. However, some tariffs are suspended for 90 days, meaning they could be reinstated if no further progress is made. The agreement was met with positive reactions from investors, causing major stock market gains, and relief from businesses impacted by the tariffs. While welcomed as a positive step, many remain cautious, believing the truce may be temporary.