US and China agree to slash tariffs for 90 days

The United States and China have reached a landmark agreement to significantly lower tariffs on traded goods for the next 90 days, signaling a potential effort to de-escalate tensions in their ongoing trade war. The US will cut its tariffs from 145% to 30%, while China will reduce its tariffs from 125% to 10%. This move has sent U.S. equities higher and raised questions about the impact of tariffs on consumer electronics, including smartphones and drones. An economist noted the substantial reduction in tariffs came as a surprise, highlighting the broader implications of the trade developments.