Trump says US-China relations 'reset' as markets surge on tariff pause

BBC LIVE Summary

US President Donald Trump says the US has achieved a "total reset" in relations with China after both countries agreed to reduce tariffs on each other's goods for 90 days.

US markets have surged after the deal between Washington and Beijing, a major de-escalation in their trade war.

Markets in the US are now trading at similar levels to the beginning of the year, our New York business reporter Natalie Sherman writes - marking a significant recovery since Trump announced his "Liberation Day" tariffs in April.

US tariffs on Chinese imports will fall from 145% to 30%, while Chinese tariffs on US goods will fall from 125% to 10%.

It is a bigger cut than expected, writes our correspondent Theo Leggett - but 30% is still a high tariff.