The US and China's trading relationship – the most important one in the global economy – is back on track. Will the truce last?

Cathy Newman: All right, I think I follow you. Justin Wolfers: By the way, I forgot to add, the previous agreement wasn’t an agreement, it was a pause and a framework for future talks towards an agreement.

Shortly after President Donald Trump returned to the White House in January, he launched a tariff war against China, as part of a broader implementation of import taxes on goods from several dozen countries as Trump seeks to reset the foundations of global trade.

The United States and China have agreed on a framework to implement their trade truce, officials on both sides said Wednesday, after concluding two days of talks in London to defuse tensions and ease export restrictions that threaten to disrupt global manufacturing.

Here are all the tariffs, counter-tariffs, dealmaking, and deal-breaking between the world’s two biggest economies.

High-stakes trade negotiations between the U.S. and China continued into a second day Tuesday, as both sides sought to defuse a trade war that threatens both economies.

The latest trade truce between China and the United States offers investors hope that the two superpowers can reach a lasting resolution and prevent further market disruption, but the absence of detailed terms leaves room for potential future tariff conflicts.

Washington and Beijing strike a fragile truce in London, easing rare earth curbs and export controls—but with limits in place, global trade stability remains uncertain.