The US has reached a new trade agreement with China under which all Chinese imports will face a 55% tariff, while American exports to China will be subject to a reduced 10% tariff. This was the result of two days of talks between diplomats from the two nations in London.

United States and Chinese officials said they had agreed on a framework for a trade truce, which removed China's export restrictions on rare earths.

If a handshake agreement holds, it will merely undo some of the damage from the trade war that President Trump started.