Tariff rates on small packages from China will be cut in half, though a flat-fee option will not change, the White House said Monday. Why it matters: Trump previously ended a loophole that allowed low-value goods into the country tariff-free — the rate reversal will ease price pressures on customers of Chinese retailers like Shein and Temu.

The White House on Sunday published details of what could be a historic trade deal with China, the world’s No. 2 economy, after President Donald Trump imposed a series of crippling tariffs aimed at resetting economic conditions between both nations.

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 U.S. agreed to cut tariffs on Chinese goods from 145% to 30%, while China committed to reduce tariffs on U.S. products from 125% to 10%. The lowered tariffs will remain in place for 90 days while the two sides negotiate a wider trade deal.

The White House said it was announcing a trade deal without providing any details. Representatives from the U.S. and China had been meeting in Switzerland.

The US has confirmed it has struck a trade deal with China following crunch talks that took place in Switzerland over the weekend. In a White House press release, Treasury Secretary said the two sides had made "substantial progress" in the "very important trade talks. Full details or the US-China trade deal are expected to be revealed on Monday.

In a media briefing after a second day of talks with U.S. negotiators on Sunday, Chinese Vice Premier He Lifeng said trade talks with the U.S. “achieved substantial progress and reached important consensus.

US officials met with their Chinese counterparts for the first time on Saturday to go head-to-head over President Trump’s tariff war.