The U.S. and China agreed to lower tariffs for 90 days. The details: U.S. tariffs on Chinese goods will fall to 30 percent from 145 percent. Meanwhile, China’s blanket tariffs on U.S. products will drop to 10 percent from 125 percent. A few tariffs will remain. President Donald Trump signed an order to lower prescription drug prices.

Donald Trump has dashed EU hopes of a quick trade deal, describing the bloc as "nastier than China" while announcing a breakthrough with Beijing. The President's comments came as he revealed details of a major climbdown in his tariff war with China.

The weekend deal adds to the sense that President Donald Trump may be backing off some of the more stringent trade tariffs.