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The de-escalation provides both sides with breathing space to find a way to preserve trading ties that were threatening to grind to a halt.

the U.S. would cut the "de minimis" tariff on China shipments to 54% from 120%, with a flat fee of $100 to remain starting from May 14.

The US and China said on Monday that they would both cut tariffs for at least the next 90 days, following talks in Geneva at the weekend.

Trade experts anticipate a spike in trade during talks and a substantial deal, but the risk of inflation and economic slowdown may not be over.

Trump launched a trade war during his first term as well, taking particular aim at China by putting taxes on most of its goods.

Another key element of the discussions: Bessent said the US and China had put in place a mechanism to avoid raising tariffs on each other again, suggesting that the worst of the trade war may be behi...