After second day of talks with the U.S., Chinese Vice Premier He Lifeng said trade talks with the U.S. “achieved substantial progress and reached important consensus.”

Bullying” leads to isolation, Chinese leader Xi Jinping warned, after the Trump administration rolled back many tariffs.

The White House backed off from the steepest levies, as the costs of an all-out trade war with China threatened global economic growth.

The Trump administration has lowered the tariff on low-value shipments (under $800) from China and Hong Kong from 120% to 54%, as part of a temporary trade

President Donald Trump says "we achieved a total reset" with China over the weekend. He says trade talks were very friendly and China also will remove all non-monetary barriers. He speaks at the White House.

A deal with China is a relief to investors who worried tariffs as high as 145% would severely limit trade, raise prices and hurt the U.S. economy.