President Donald Trump's trade war truce with China still leaves a hefty 30% tariff in place, at least for the time being, but the deal improves the outlook for the economy.

U.S. Trade Representative Jamieson Greer said the U.S. agreed to drop its 145 percent tariff rate on Chinese goods to 30 percent.

China’s Commerce Ministry said the two sides agreed to cancel 91% in tariffs on each other’s goods and suspend another 24% in tariffs for 90 days, bringing the total reduction to 115 percentage points.