In a major breakthrough, the United States and China have agreed to slash tariffs on each other’s goods for 90 days, as they de-escalate their trade war.

Starting tomorrow Wednesday, both countries will reduce tariffs by 115%, meaning U.S. tariffs on Chinese imports will drop to 30%, while Chinese tariffs on American goods will fall to 10%.

Speaking at the White House, President Donald Trump said the US has achieved a “total reset” in relations with China and he expects to meet soon with Chinese President Xi Jinping.

Trump also signed a wide-reaching executive order directing drugmakers to lower the prices of their medicines to align with what other countries pay.

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