A White House executive order said on Monday that the U.S. would cut the "de minimis" tariff on China shipments to 54% from 120%, with a minimum flat fee of $100 to remain starting from May 14.

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,

All three major stock indexes posted their biggest single-day gains in a month after President Trump announced a 90-day pause on his 145% reciprocal tariff against China. Scott Lincicome, a vice president at the Cato Institute's Trade Policy Center,