The United States and China have taken a significant step back from the brink of a full-blown trade war.

Officials from both countries announced on May 12 that they had agreed to roll back most of the recent tariffs imposed on each other’s goods.

As part of the deal, a 90-day truce has been called to allow for further negotiations aimed at resolving their trade disputes.

The agreement marks a temporary ceasefire in the ongoing economic tensions between the world’s two largest economies.

Both sides expressed optimism about the prospects for a comprehensive trade deal that could address long-standing issues.

The move has been welcomed by businesses and investors, who have been concerned about the impact of escalating tariffs on global markets.

The pause in tariff escalation is seen as a positive development that could help stabilize the global economy.

However, analysts caution that the road to a final trade agreement remains uncertain, with thorny issues still to be resolved.

The coming weeks will be crucial in determining whether the US and China can reach a lasting resolution to their trade conflict.