The United States and China agreed Monday to drastically roll back tariffs on each other’s goods for an initial 90-day period, in a surprise breakthrough that has de-escalated a punishing trade war and buoyed global markets.

President Donald Trump announced Sunday that he plans to resurrect a controversial policy from his first term that aims to reduce drug costs by basing payments for certain medicines on their prices in other countries.

Top US officials involved in high-level trade negotiations with China emerged from two days of talks touting “substantial progress” and appearing to confirm that a deal between the two countries had been reached, which could have massive implications for the global economy.

Asian stocks rallied Monday after top Chinese and US officials held "substantial" trade talks at the weekend, fuelling hopes the two sides will dial down a tariff standoff that has rattled global markets and fuelled recession fears.

The U.S. and China ended high-stakes trade talks on a positive note on Sunday, with U.S. officials touting a "deal" to reduce the U.S. trade deficit, while Chinese officials said the sides had reached "important consensus" and agreed to launch another new economic dialogue forum.

Amid unpredictable fluctuations in US tariff policies, Vietnamese businesses must take a proactive and strategic approach to sustain their exports to this key market, experts emphasised at a workshop held in Ho Chi Minh City on May 9.

President Donald Trump has finally gotten his first trade deal done.

US President Donald Trump announced a trade framework with the UK, hailing it as a “breakthrough” that will bring down barriers and expand market access for American imports.

The Trump administration is weighing a dramatic tariff reduction during weekend talks with China to de-escalate tensions and temper the economic pain both are already starting to feel.

Beijing reiterated its call for the US to cancel unilateral tariffs on China, underscoring a stand-off between the world’s largest economies as they prepare for initial trade talks.