Wall Street is set to open sharply higher after the US agreed to cut tariffs on Chinese goods to 30%, with China reducing its levies to 10%.

Treasury Secretary Scott Bessent told reporters the two sides had agreed on a 90 day pause on measures and that tariffs would come down by over 100 percentage points to 10%.

U.S. and Chinese officials say they have reached a deal to roll back most of their recent tariffs and call a 90 day pause so they can keep talking to resolve their trade disputes.