The US and China have agreed to a 90-day truce in their trade war, temporarily reducing tariffs. President Trump, who had previously escalated the conflict with significant tariff hikes, has now lowered them to 30 percent, while China also reduced retaliatory measures. While talks will continue, details on China's commitment to open its markets remain unclear. This truce, however, represents a scaling back of Trump's ambitious plans to fundamentally reorganize the global trading order through tariffs, acknowledging the significant economic pain caused by his initial approach. Critics maintain that the current reduced tariffs are insufficient to achieve the desired outcomes of increased US manufacturing and reduced reliance on China.

Prepared by Christopher Adams and reviewed by editorial team.