US Trade Representative Greer says US and China to roll back most tariffs

U.S. and Chinese officials said Monday they had reached a deal to roll back most of their recent tariffs and call a 90-day pause to keep talking to resolve their trade disputes.

Stock markets rose sharply as the globe’s two major economic powers took a step back from a clash that has unsettled the global economy.

U.S. Trade Representative Jamieson Greer said the U.S. agreed to drop its 145% tariff rate on Chinese goods by 115 percentage points to 30%, while China agreed to lower its rate on U.S. goods by the same amount to 10%.