Shumita Basu

By Wednesday, the U.S. says it will reduce its 145 percent tariff rate on most Chinese imports to 30 percent. And China says it will reduce its 125 percent tariff rate on U.S. goods to 10 percent. Here's U.S. Treasury Secretary Scott Besant speaking from Geneva.

By Wednesday, the U.S. says it will reduce its 145 percent tariff rate on most Chinese imports to 30 percent. And China says it will reduce its 125 percent tariff rate on U.S. goods to 10 percent. Here's U.S. Treasury Secretary Scott Besant speaking from Geneva.

The reduced tariff rates between the world's two largest economies will last for 90 days while the two sides continue negotiations, offering a major sigh of relief to the global economy. Global trade was effectively halted because of the previous tariff rates. Here's CNN's international correspondent Mark Stewart reporting from Beijing for The Network this morning.

The reduced tariff rates between the world's two largest economies will last for 90 days while the two sides continue negotiations, offering a major sigh of relief to the global economy. Global trade was effectively halted because of the previous tariff rates. Here's CNN's international correspondent Mark Stewart reporting from Beijing for The Network this morning.

The reduced tariff rates between the world's two largest economies will last for 90 days while the two sides continue negotiations, offering a major sigh of relief to the global economy. Global trade was effectively halted because of the previous tariff rates. Here's CNN's international correspondent Mark Stewart reporting from Beijing for The Network this morning.

Also important, Stewart points out, there's now an established open line of communication between Washington and Beijing.

Also important, Stewart points out, there's now an established open line of communication between Washington and Beijing.

Also important, Stewart points out, there's now an established open line of communication between Washington and Beijing.

Like this statement from China's vice premier.

Like this statement from China's vice premier.

Like this statement from China's vice premier.

This 90-day pause is sure to be well-received by many businesses in both the U.S. and China, but there's still a lot of uncertainty ahead. As the president of the European Union Chamber of Commerce in China said of this development, businesses need predictability to maintain normal operations and make investment decisions.

This 90-day pause is sure to be well-received by many businesses in both the U.S. and China, but there's still a lot of uncertainty ahead. As the president of the European Union Chamber of Commerce in China said of this development, businesses need predictability to maintain normal operations and make investment decisions.

This 90-day pause is sure to be well-received by many businesses in both the U.S. and China, but there's still a lot of uncertainty ahead. As the president of the European Union Chamber of Commerce in China said of this development, businesses need predictability to maintain normal operations and make investment decisions.

And the New York Times reports that it's likely that the cost of transporting goods will soar as companies race to schedule shipments during the 90-day window, just in case of whatever comes next. Let's turn now to immigration. A group of white South Africans is arriving in the United States.

And the New York Times reports that it's likely that the cost of transporting goods will soar as companies race to schedule shipments during the 90-day window, just in case of whatever comes next. Let's turn now to immigration. A group of white South Africans is arriving in the United States.

And the New York Times reports that it's likely that the cost of transporting goods will soar as companies race to schedule shipments during the 90-day window, just in case of whatever comes next. Let's turn now to immigration. A group of white South Africans is arriving in the United States.

They were invited here on a U.S.-funded charter plane by President Donald Trump, who says he's offering refugee status to white people in South Africa who say they have been victims of discrimination.

They were invited here on a U.S.-funded charter plane by President Donald Trump, who says he's offering refugee status to white people in South Africa who say they have been victims of discrimination.

They were invited here on a U.S.-funded charter plane by President Donald Trump, who says he's offering refugee status to white people in South Africa who say they have been victims of discrimination.