The United States and China slashed sweeping tariffs on each others' goods for 90 days on Wednesday, marking a temporary de-escalation in a brutal trade war that roiled global markets and international supply chains.

Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer told reporters that more details would be provided on Monday.

Online shoppers in the U.S. will see a price break on their purchases valued at less than $800 and shipped from China after the Trump administration reached a truce with Beijing over sky-high tariffs.

When U.S. Treasury Secretary Scott Bessent this week said Switzerland and Britain had jumped to the front of the queue for a trade deal with the United States, he warned the European Union it was moving "much slower".

After months of tension, the United States and China have taken a step toward easing their strained trade relationship, announcing a deal following w

U.S. stocks rallied after China and the United States announced a 90-day truce in their trade war. The S&P 500 jumped 3.3% Monday. The Dow Jones Industrial Average rose more

The dollar retreated slightly on Tuesday but held most of its gains on lingering optimism over a tariff deal between the United States and China, which tapped the brakes on a trade war between the world's two largest economies.