Treasury Secretary Scott Bessent told reporters the two sides had agreed on a 90 day pause on measures and that tariffs would come down by over 100 percentage points to 10%.

A surprise breakthrough in US-China trade tensions has unleashed a flurry of activity across Chinese factories and ports as American and Chinese companies rush to make the most of a 90-day rollback of heavy tariffs announced earlier this week.

President Donald Trump’s sudden move to lower tariffs on goods from China to 30% from 145% has thrown a lifeline to America’s small businesses who were running low on inventory — and cash.