According to the announced deal, the U.S. will lower Trump's reciprocal tariffs on goods coming in from China from 145 percent to 30 percent. China will also lower its tariff on U.S. exports to the country from 125 percent to 10 percent. Each side has basically knocked their tariffs down by 115 percent.

Treasury Secretary Scott Bessent told reporters the two sides had agreed on a 90 day pause on measures and that tariffs would come down by over 100 percentage points to 10%.

The deal involves both nations cancelling some tariffs altogether and suspending others for 90 days, by 14 May. The result is that US tariffs on Chinese imports will fall to from 145% to 30%, while Chinese tariffs on some US imports will fall from 125% to 10%.