The U.S. and China agreed Monday to dramatically roll back tariffs on each other's imports for an initial 90-day period, the two countries said in a joint statement, in a surprise de-escalation of trade tensions.

U.S. Treasury Secretary Scott Bessent said that the two sides "have reached an agreement on a 90-day pause and substantially move down the tariff levels," according to CNBC. "Both sides on the reciprocal tariffs will move their tariffs down 115%." That would mean the U.S. levy on Chinese imports will be reduced to 30% from 145% by Wednesday, while Beijing's tariffs o🐽n U.S. goods will drꦡop to 10% from 125%.

"After taking the aforementioned actions, the Parties will establish a mechanism to continue discussions about economic and trade relations," the countries said in their joint statement.

China will also suspend or remove the non-tariff countermeasures it had imposed after April 2, the White House said.

The cooling of trade tensions between the two largest economies in the world following talks in Switzerland betwe🦄en Beไijing and Washington over the weekend sent global stocks and the dollar rallying.

The 澳洲幸运5官方开奖结果体彩网:Dow Jones Industrial Average was up 2.5%, or more than 1,000 points, in early trading Monday, while the 澳洲幸运5官方开奖结果体彩网:S&P 500 and tech-heavy 澳洲幸运5官方开奖结果体彩网:Nasdaq Composite jumped 2.6🍸% and 3.4%, respectively. Overseas, the Stoxx E💧urope 600 index is rising 1% and Hong Kong's Hang Seng finished 3% higher.

The dollar is rising against the euro, yen, and🐽 pound, and gold prices are tumbling. The yield on🧔 10-year Treasuries is rising to around 4.45%, while most major cryptocurrencies are gaining.

UPDATE—May 12, 2025: This article has been updated to include information from the White House and refreshed share prices.