It's Monday, May 12th, and here's what's happening right now on CNN This Morning.
Both sides on the reciprocal tariffs will move their tariffs down 115%.
A trade agreement between the U.S. and China.
Is this the beginning of the end of the tariff war?
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Here's a live look at the White House as the Trump administration announces a major trade deal with China.
Good morning, everyone.
I'm Adi Cornish.
I want to thank you for waking up with me.
We're going to begin with this breaking news overnight.
A plan now in place for the U.S. and China to dramatically de-escalate their trade war for 90 days.
Top Trump administration officials emerged from days of high-level talks in Switzerland with an agreement.
Both the U.S. and China are now rolling back tariffs on each other's goods.
And the U.S. will now impose a 30 percent tariff on Chinese goods down from 145 percent.
China has agreed to roll back their rates on U.S. products to 10 percent, down from 125 percent.
The consensus from both delegations this weekend is neither side wants a decoupling.
And what had occurred with these very high tariffs, as Ambassador Greer said,