The U.S. agreed to cut tariffs on Chinese goods from 145% to 30%, while China committed to reduce tariffs on U.S. products from 125% to 10%. The lowered tariffs will remain in place for 90 days while the two sides negotiate a wider trade deal.

But on Monday, Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer said the two sides had agreed to a 90-day tariff truce of sorts, with the U.S. dropping duties on Chinese goods to 30% and Beijing cutting import taxes on U.S. products to 10%.

President Donald Trump’s agreement with China to temporarily slash tariffs for 90 days offered the world a bit of welcome relief. The Trump administration agreed after talks this weekend in Switzerland to pare back its 145% in tariffs charged on imports from China to 30%.