China hailed a trade agreement with the U.S. that will see both sides sharply reduce their tariffs for 90 days, calling it an "important step" that could lead to "deepening cooperation" between the world's two largest economies.

President Donald Trump’s agreement with China to temporarily slash tariffs for 90 days offered the world a bit of welcome relief

President Donald Trump's announcement that the U.S. and China will temporarily lower tariffs while they negotiate a new trade deal that will open up access China to U.S. businesses.

The United States and China agreed on some preliminary changes to trade, ending a monthslong tariff standoff that worried global markets.

The United States and China will temporarily lower tariffs on each other's products, according to a joint statement, in a move to cool trade tensions and give the world's two largest economies three more months to resolve their differences.