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.

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.

President Donald Trump's Treasury Secretary Scott Bessent provided an update on its productive trade negotiations with China.

Bessent spoke at the House Appropriations subcommittee about the latest tariff negotiations and claimed the U.S. was in negotiations with 17 trade partners. However, he noted that one major trade partner has not spoken to the U.S. yet.

China is moving to strengthen its alliances as a counterweight to President Donald Trump’s trade war, presenting a united front with Latin American countries at an event in Beijing