In a significant development for global trade, the United States and China have agreed to a 90-day pause in their escalating tariff war, substantially reducing tariffs on each other's goods. The US will cut tariffs on Chinese imports from 145% to 30%,

Wall Street's three major indexes rose sharply on Monday with the S&P 500 marking its highest level since early March as a U.S.-China agreement to temporarily slash tariffs brought some hopes for the easing of a global trade war,

A day after China and the U.S. agreed to a 90-day truce in their tariffs stalemate, China is moving to strengthen its alliances as a counterweight to President Donald Trump's trade war.

On its own, the deal struck Monday between the U.S. and China to de-escalate the trade war is undeniably a positive development. As part of the deal, the U.S. will temporarily lower tariffs on Chinese imports from 145 percent to 30 percent (which will be applied on top of other tariffs imposed by the first Trump administration).

The curtain came down on the first phase of President Trump’s tariff and trade war earlier this week, when the U.S. announced a huge reduction in levies with China. Washington and Beijing agreed to take 115 percentage points off the tariffs they had imposed upon each other’s exports at the apex of the brief