By Farah Master, Casey Hall and Lisa Baertlein HONG KONG/SHANGHAI/LOS ANGELES (Reuters) -The U.S. will cut the "de minimis" tariff for low-value shipments from China to as low as 30%, according to a White House executive order and industry experts,

The White House backed off from the steepest levies, as the costs of an all-out trade war with China threatened global economic growth.

The White House says the U.S. and China have agreed to suspend for 90 days most of the tariffs imposed against each other over the last couple months.

Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer told reporters that more details would be provided on Monday.

Representatives from China and the U.S. met for a second day Sunday to discuss trade policies amid fallout from President Donald Trump’s tariff plan.

The White House on Sunday published details of what could be a historic trade deal with China, the world’s No. 2 economy, after President Donald Trump imposed a series of crippling tariffs aimed at resetting economic conditions between both nations.

Key Takeaways Stocks were buoyant on Monday after White House officials said the U.S. and China had agreed to scale back tariffs for 90 days as negotiators work on a long-term deal.The reprieve exceeded Wall Street's expectations and reassured some investors that President Trump's steepest tariffs are more a negotiating tactic than a permanent

Live updates and the latest news as the U.S. and China pause tariffs and Trump signs an executive order aimed at lowering drug prices.