Washington and Beijing announced the suspension of part of their tariffs for 90 days, according to Cairo News.

A joint Chinese-American statement announced the establishment of a mechanism to continue discussions on economic and trade relations.

The joint Chinese-American statement said that Beijing will suspend 24% of the additional tariffs on US goods for 90 days.

The statement explained that Beijing will reduce tariffs on US goods from 125% to 10%.

The US Treasury Secretary said, "We have reached an agreement with China to significantly reduce tariff levels."