US, China to slash tariffs on each other by 115% for 90 days

The US and China have reached a deal for a 90-day pause on tariff measures, and that reciprocal tariffs would come down by 115%. The US said it would lower its tariffs on Chinese goods to 30% from 145%, while China said it would reduce duties on US imports to 10% from 125%. Global stocks extended gains after the announcement.