• China trade war: The US and China have agreed to drastically roll back tariffs on each other’s goods for an initial 90-day period in a major trade breakthrough. By May 14, the US will temporarily lower its tariffs on Chinese goods from 145% to 30%, while China will cut its levies on American imports from 125% to 10%.

An 80% across-the-board tariff would still be far beyond the duties the U.S. had in place on China before Trump took office.