President Donald Trump's announcement that the U.S. and China will temporarily lower tariffs while they negotiate a new trade deal that will open up access China to U.S. businesses.

The White House announced a "China trade deal" in a May 11 statement, but did not disclose details. The apparent agreement came together sooner than most observers expected after Trump's 145% tariffs on Chinese imports virtually halted $600 billion in annual trade between the world's two largest economies.