US Treasury secretary Scott Bessent said on Monday that “there was no discussion on currency” during trade talks with China over the weekend. Total US tariffs on China will remain at about 40 per cent under the ceasefire while Chinese tariffs on the US would be about 25 per cent, Capital Economics calculated.

Washington | US President Donald Trump said he would likely speak to Chinese leader Xi Jinping later this week following talks between Washington and Beijing to temporarily lower tariffs and de-escalate the trade war between the world’s two largest economies.

The United States and China announced Monday an agreement to drastically reduce tit-for-tat tariffs for 90 days, an outcome President Donald Trump dubbed a "total reset" as he said a call with counterpart Xi Jinping could soon follow.