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U.S. and Chi­nese of­fi­cials said Mon­day they had reached a deal to roll back most of their re­cent tar­iffs and call a 90-day truce in their trade war for more talks on re­solv­ing their trade dis­putes.

Stock mar­kets rose sharply as the globe’s two ma­jor eco­nom­ic pow­ers took a step back from a clash that has un­set­tled the glob­al econ­o­my.

U.S. Trade Rep­re­sen­ta­tive Jamieson Greer said the U.S. agreed to drop its 145% tar­iff rate on Chi­nese goods by 115 per­cent­age points to 30%, while Chi­na agreed to low­er its rate on U.S. goods by the same amount to 10%.