12 May: The US and China announce a 90-day pause on "reciprocal" tariffs starting 14 May after holding trade talks in Switzerland. It will bring US tariffs on Chinese imports down from 145% to 30%, and Chinese tariffs on US goods will fall from 125% to 10%

President Trump struck a tariff deal with China that pauses most retaliatory tariffs between the two countries for 90 days. During a press conference on Monday, the president said tariffs on China would go up 'substantially higher' after the 90 day pause.

Trump stated that China had agreed to remove non-tariff trade barriers, likely referring to the country’s rare earth export controls imposed on the US in April. The market rally appears to be pausing,