The newly announced Sino-U.S. framework lays out a 90-day tariff truce of sorts, slashing American tariffs on Chinese goods from 145% to about 30%, while cutting Beijing’s retaliatory duties from 125% to 10%.

The White House has said its agreements with the U.K. and China are starting points, but so far the Trump administration has given up more than it has gained.

President Donald Trump’s agreement with China to temporarily slash tariffs for 90 days offered the world a bit of welcome relief.