The United States and China have slashed sweeping tariffs on each others' goods for 90 days, after a temporary ceasefire in a trade war that roiled global markets and international supply chains.
The US and China agreed to drastically lower sky high tariffs in a deal that emerged from pivotal talks at the weekend in Geneva.
US President Donald Trump said the United States now had the blueprint for a "very, very strong" trade deal with China that would see China's economy "open up" to US businesses, in an interview broadcast yesterday on Fox News.
"We have the confines of a very, very strong deal with China. But the most exciting part of the deal...that's the opening up of China to US business," he said on board Air Force One on the way to the start of his Gulf tour.
"One of the things I think that could be most exciting for us and also for China, is that we're trying to open up China," he added, without elaborating on details.
Mr Trump had upended international commerce with his sweeping tariffs across economies, with China hit hardest.
Unwilling to budge, China had responded with retaliatory levies that brought tariffs on both sides well over 100%.
After billions were wiped off equities and with businesses ailing, negotiations finally got under way at the weekend in Geneva between the world's trade superpowers to find a way out of the impasse.
Under the deal, the United States agreed to lower its tariffs on Chinese goods to 30% while China will reduce its own to 10% - down by over 100 percentage points.
The reductions came into effect just after midnight Washington time (5am Irish time), a major de-escalation in trade tensions that saw US tariffs on Chinese imports soar to up to 145% and even as high as 245% on some products.
Markets have rallied in the glow of the China-US tariff suspension.
Chinese officials have kept their cards close to their chests, pitching themselves at a summit in China with Latin American leaders this week as a stable partner and defender of globalisation.
"There are no winners in tariff wars or trade wars," China's President Xi Jinping told leaders including Brazil's Luiz Inacio Lula da Silva, while his top diplomat Wang Yi swiped at a "major power" that believed "might make right".
Read more: US and China reach deal to slash reciprocal trade tariffs
China suspends non-tariff countermeasures
Meanwhile, China said it was suspending some non-tariff countermeasures against the United States, in another de-escalation of the trade war with Washington following talks in Switzerland.
Beijing will suspend certain restrictions on dozens of US defence and aerospace firms "to implement the consensus reached at the China-US high-level economic and trade talks", a spokesperson for the Chinese commerce ministry said.
In a separate statement, the ministry said it was pausing measures that added 17 US entities (including defence, auto and artificial intelligence firms) to the "unreliable entity list".
Companies on that list are prohibited from import and export activities or making new investments in China.
The suspension for 11 entities added to the list on 4 April applies for 90 days, while the ministry did not specify the length of the suspension for six other companies added to the list on 9 April.
The ministry did not give a reason for the difference in suspension lengths.
Beijing had also in April announced export controls on seven rare earth elements - including ones used in magnetic imaging and consumer electronics - which remain in place.
'Risk of renewed escalation'
Deep sources of tension remain, too - the US additional tariff rate remains higher than China's because it includes a 20% levy over Mr Trump's complaints about Chinese exports of chemicals used to make fentanyl.
The US has long accused China of turning a blind eye to the fentanyl trade, something China denies.
And while the US said it sees room for progress on the issue, China yesterday warned the US to "stop smearing and shifting blame" onto it.
Analysts also warn that the possibility of tariffs coming back into force after 90 days simply piles on more uncertainty.
"Further tariff reductions will be difficult and the risk of renewed escalation persists," Yue Su, Principal Economist at The Economist Intelligence Unit, said.
