U.S. and Chinese officials said they had reached a deal to roll back most of their recent tariffs and call a 90-day truce in their trade war for more talks on resolving their trade disputes.

China and the United States have agreed to significant cuts in the tariffs they imposed on each other in recent months after talks over the weekend in Switzerland. The two nations have also agreed to continue to negotiations. Here’s a look at the deal and what it means for trade and the U.S. economy:

Donald Trump said he would raise tariffs on China if the two countries failed to reach a trade deal in 90 days, but would stop short of ratcheting them back up to 145 per cent. Trump increased the additional tariffs he was applying to all Chinese imports to 145 per cent last month,