Former Fed president Bill Dudley warned that the central bank risks mistiming interest rate cuts if the economy stumbles into a recession.

The U.S. agreed to cut tariffs on Chinese goods from 145% to 30%, while China committed to reduce tariffs on U.S. products from 125% to 10%. The lowered tariffs will remain in place for 90 days while the two sides negotiate a wider trade deal.

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.

Trade experts anticipate a spike in trade during talks and a substantial deal, but the risk of inflation and economic slowdown may not be over.

China’s surprisingly quick agreement with the US to wind back punitive tariff rates put a spotlight on a Chinese negotiating team that features decades worth of technical trade experience alongside a top aide of President Xi Jinping.

The US and China's trade deal sent the market skyrocketing, but the brightest minds on Wall Street aren't all as optimistic.