Treasury Secretary Scott Bessent told reporters the two sides had agreed on a 90 day pause on measures and that tariffs would come down by over 100 percentage points to 10%.

The 145 percent U.S. tariff on Chinese goods will come down to 30 percent for 90 days, while the two sides continue talks aimed at resolving their differences.

Stocks are soaring and trade tensions are deflating after the U.S. and China agreed to cut tariffs on one another temporarily — but there are a few sectors in which Americans could still feel the pain of higher levies longer term.