The White House announced a "China trade deal" in a May 11 statement, but did not disclose details. The apparent agreement came together sooner than most observers expected after Trump's 145% tariffs on Chinese imports virtually halted $600 billion in annual trade between the world's two largest economies.

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

In a pivotal move, the United States and China have resumed face-to-face trade negotiations in Geneva, aiming to resolve the tariff conflict that has rattled global markets.

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GENEVA — The United States and China have agreed to temporarily slash reciprocal tariffs in a deal that surpassed expectations as the world’s two biggest economies seek to end a damaging trade war that has stoked fears of recession and roiled financial markets.

Representatives from China and the U.S. met for a second day Sunday to discuss trade policies amid fallout from President Donald Trump’s tariff plan.

U.S. and Chinese officials say they have called a 90-day truce in their trade war, rolling back most of their recent tariff hikes.

The U.S.-China tariff deal sent the tech-heavy Nasdaq soaring, entering a bull market, and economists are optimistic that the U.S. may dodge a recession.