The White House backed off from the steepest levies, as the costs of an all-out trade war with China threatened global economic growth.

The Trump administration has made moves to ease tariff tensions with China, but the situation remains uncertain in the longterm.

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

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.

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.”

Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer told reporters that more details would be provided on Monday.

Officials wrapped up two days of bargaining in Switzerland and touted "substantial progress." More details are expected on Monday.

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