In a significant development for international trade, President Donald Trump announced that the United States and China will resume trade talks following a “very positive” conversation with Chinese leader Xi Jinping. The renewed negotiations aim to break the impasse over tariffs affecting both nations.

In a significant move towards easing global economic tensions, the United States and China have agreed to roll back tariffs, effectively pausing their prolonged trade war. Stock markets soared as the world’s two largest economies stepped back from a clash that has unsettled the global economy.

China has retaliated against the United States by imposing 125% tariffs on American goods, with President Xi Jinping asserting that the nation is “not afraid” of U.S. pressure. The move signals escalating tensions between the two economic giants.