The U.S. and China announced today that they were temporarily reducing the triple-digit tariffs that had shaken the global economy. For the next 90 days, imports from China are set to face a minimum fee of 30 percent, down from 145 percent. American goods will be subject to a 10 percent tariff in China, down from 125 percent.

U.S. officials described the agreement as an attempt to defuse an escalating confrontation that had essentially halted trade between the world’s two largest economies. “We concluded that we have a shared interest,” Treasury Secretary Scott Bessent said. Both sides agreed to more talks in search of a more permanent arrangement. Stock markets surged.

The deal also illustrated the limitations of President Trump’s aggressive tariffs. He had defended them to Americans as a short period of financial pain in return for a stronger economy in the long run. But it is so far unclear if Trump’s decision to impose, and then walk back, sky-high tariffs on Chinese products — which forced companies in both countries to alter their strategies and contemplate bankruptcy — will end up resulting in any major concessions from China.

Hamas released an American hostage ahead of Trump’s trip

Edan Alexander, the last living American hostage held by Hamas in Gaza, was released today in a deal that largely circumvented Israeli officials. Hamas portrayed it as an attempt to secure U.S. support for an end to the war in Gaza.