Trump Announces China Agreement to Suspend Most Tariffs

President Donald Trump announced a significant easing of trade tensions with China following recent talks, highlighting a "total reset" in relations. The two countries agreed to temporarily slash most tariffs on each other's goods, with U.S. tariffs on Chinese imports reduced from 145% to 30%, and Chinese tariffs on U.S. goods lowered from 125% to 10%. Trump emphasized that China has agreed to open its market fully to American businesses and to suspend and remove various non-monetary trade barriers, though some tariffs on cars, steel, aluminum, and pharmaceuticals remain excluded from the deal. The announcement was met with a positive reaction on Wall Street, with the S&P 500 rising significantly. While Trump called the agreement potentially transformative for both countries and for global peace and unification, experts remain cautious, noting that while tariff reductions are likely, the prospects for a durable, substantive trade deal remain uncertain. Trump also indicated plans to speak with Chinese President Xi Jinping soon to further discuss the agreement.