U.S. levies on Chinese goods will drop from at least 145% to a base levy of 30% for an initial period of 90 days, while Chinese levies are set to fall from at least 125% to 10% on U.S. goods.

Vice Premier He described the atmosphere of the meeting as “candid, in-depth, and constructive” after the meeting, saying it achieved “substantial progress and reached important consensus.”

The U.S. says it is now negotiating for China to purchase more American goods, a throwback to a trade deal the Trump administration negotiated with China during another trade war in 2020. However, China ended up purchasing none of the additional $200 billion in goods that the U.S. said it would.

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