US and China agree to 90-day truce by slashing tariffs in their raging trade war

The United States and China agreed Monday to a 90-day truce in their raging trade war — with each agreeing for now to slash reciprocal tariffs by over 100 percentage points, bringing China’s rate down to just 10%. Under the agreement, the US will drop its 145% tariff rate on Chinese goods to 30%, while China will lower its rate from 125% down to just 10%, officials said.