Chinese state media — and many outside analysts — declared Beijing had won round one of the trade war after the Trump administration rolled back many tariffs.

The White House announced a "China trade deal" in a May 11 statement, but did not disclose details. The apparent agreement came together sooner than most observers expected after Trump's 145% tariffs on Chinese imports virtually halted $600 billion in annual trade between the world's two largest economies.

The Trump administration agreed after talks this weekend in Switzerland to pare back its 145% in tariffs charged on imports from China to 30%. The Chinese government chose to reduce its retaliatory import taxes on U.S. goods from 125% to 10% while the sides continue to negotiate.

China pause in tariffs is welcome, but consumers should expect higher prices are here to stay. Logistics companies anticipate a surge in freight containers over the next four to six weeks as more goods are frontloaded,

Donald Trump said he would raise tariffs on China if the two countries failed to reach a trade deal in 90 days, but would stop short of ratcheting them back up to 145 per cent.

The temporary lifting of triple-digit trade levies between China and the U.S. while trade talks get under way removes the threat of an immediate stagflationary hit to the economy. This is very good news.

The U.S. and China on Monday agreed to an initial trade deal that cuts "reciprocal" tariffs from 125% to 10% for 90 days. Chinese officials, influencers and state-run media on Monday were casting the trade agreement with U.

U.S. President Donald Trump could have the upper hand in subsequent trade talks with China as the nations hammer out further negotiations, according to Neo Wang, lead China economist and strategist at Evercore ISI.

The U.S. and China agreed to lower tariffs for 90 days. The details: U.S. tariffs on Chinese goods will fall to 30 percent from 145 percent. Meanwhile, China’s blanket tariffs on U.S. products will drop to 10 percent from 125 percent. A few tariffs will remain. President Donald Trump signed an order to lower prescription drug prices.

President Donald Trump's Treasury Secretary Scott Bessent provided an update on its productive trade negotiations with China.

The weekend deal adds to the sense that President Donald Trump may be backing off some of the more stringent trade tariffs.