Chinese state media — and many outside analysts — declared Beijing had won round one of the trade war after the Trump administration rolled back many tariffs.

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.

The U.S. and China have agreed to temporarily rollback on some tariffs. Adam Posen, president of the Peterson Institute for International Economics, puts today’s deal into context.

As the U.S. and China negotiate a trade deal, Trump has lowered a levy on “de minimis” low-value packages, such as online shopping from Shein or Temu.

The Trump administration walked back its most aggressive tariffs on China last week, easing a trade war that had effectively halted the shipment of goods between the world's two largest economies. After talks in Geneva,

"We're confident that the deal we struck with our Chinese partners will help us work toward resolving that national emergency," Jamieson Greer said.

The White House said it was announcing a trade deal without providing any details. Representatives from the U.S. and China had been meeting in Switzerland.

Halfway through President Donald Trump's 90-day freeze on his so-called reciprocal tariffs, a persistent gripe is severe uncertainty.

China hailed a trade agreement with the U.S. that will see both sides sharply reduce their tariffs for 90 days, calling it an "important step" that could lead to "deepening cooperation" between the world's two largest economies.