Relief following the tariff war de-escalation looks set to be quickly replaced by government budget tensions. Alarms are ringing loudly as the U.S. hits an historic debt metric even as the administration is seeking to extend tax cuts.

The U.S. and China agreed to a 90-day pause in their trade conflict. Here's what China's tariffs on the U.S. looked like in 2024.

The 90-day pause is a major de-escalation in the tariff war and comes after talks between both countries in Geneva.

By Dietrich Knauth, Blake Brittain NEW YORK (Reuters) -Five American small businesses asked a U.S. court on Tuesday to halt President Donald Trump's "Liberation Day" tariffs, arguing that he overstepped his powers by declaring a national emergency to impose across-the-board taxes on imports from nations that sell more to the United States than they buy.

Canadian Prime Minister Mark Carney unveiled his new cabinet at Rideau Hall in Ottawa on Tuesday, saying that the team will have a “primary focus” on the country’s economy after a whirlwind election catalyzed by tariffs and annexation threats from the United States.

Both nations pledged to cut their broad, ballooning tariffs after weekend talks. US tariffs dropped to 30% from 145%, while China’s moved to 10% from 125%, per a joint statement

China will lower its tariffs on U.S. goods to 10% for an initial 90 days starting from 12:01 pm (0401 GMT) on Wednesday, Chinese finance ministry said in a statement on Tuesday. The ministry said it would reduce the 34% duties on U.