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

China will lower its tariffs on U.S. goods to 10% for an initial 90 days starting from 12:01 pm (0401 GMT) on Wednesday, Chinese finance ministry said in a statement on Tuesday. The ministry said it would reduce the 34% duties on U.

Chinese leader Xi Jinping has taken aim at “bullying” and “hegemonism,” in his first public remarks since a temporary truce over tariffs was agreed in the trade war between the United States and China.

That is the U.S.’s effective tariff on China, with the deal announced after a weekend of negotiations, according to Evercore ISI. That figure includes levies in place be

The agreement is pressuring manufacturing hubs such as Vietnam and Mexico to make their own, better deals with the United States.

The earlier 120% tariff rate on small packages from China valued under $800 will be lowered, the White House said Monday.

CBIZ has launched a new tariff solution service aimed at helping businesses navigate the complexities of changing trade rules, particularly in light of ongoing US-China trade tensions.

The bank said in a Tuesday note that in light of Trump’s China agreement, which lowered most tariffs on China to 30% from 145% for three months, the possibility of a recession t