The president has backtracked repeatedly on his tariff policies, creating a whiplash with downsides and few clear benefits so far.

President Donald Trump’s agreement with China to temporarily slash tariffs for 90 days offered the world a bit of welcome relief.

But on Monday, Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer said the two sides had agreed to a 90-day tariff truce of sorts, with the U.S. dropping duties on Chinese goods to 30% and Beijing cutting import taxes on U.S. products to 10%.