The U.S. has reached a 90-day "tariff truce" with China, reducing duties on Chinese goods from 145% to 30%, while China will cut tariffs on U.S. imports from 125% to 10%. Additionally, China agreed to suspend non-tariff countermeasures imposed since April.

In a separate deal, the U.S. and UK maintained a 10% tariff on British exports but eliminated the 25% steel duty. The U.S. also cut car tariffs on UK exports from 27.5% to 10% for up to 100,000 vehicles, while the UK removed tariffs on U.S. ethanol.

Meanwhile, former President Trump threatened 50% tariffs on all EU imports starting June 1, citing stalled talks. However, after a call with European Commission President Ursula von der Leyen, he delayed the tariffs until July 9. The EU remains committed to reaching a trade agreement.

India, another key U.S. trade partner, is negotiating a temporary deal by July, with further agreements expected by fall. The country is also advancing trade pacts with other nations, including the UK.

Trump has warned that trade talks are progressing too slowly and may soon enforce new tariffs if delays continue.