The US and China have agreed to temporarily reduce tariffs for 90 days, aiming to ease trade tensions and allow more time for negotiations.

By 14th May, US tariffs on most Chinese imports will decrease from 145% to 30%, including those linked to fentanyl.

Chinese tariffs on US goods will also be cut from 125% to 10% during this period.

Both countries will set up a mechanism to continue discussions on trade and economic relations.

US officials stressed their commitment to more balanced trade, with both sides agreeing that decoupling is not the goal.

Markets welcomed the announcement, though previous trade deals have shown that long-term progress is uncertain.

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