WASHINGTON, May 12 (Reuters) – Since taking office in January, President Trump has hiked the tariffs paid by U.S. importers for goods from China to 145%, in addition to those he imposed on many Chinese goods during his first term and the duties levied by the Biden administration.

China hit back by putting export curbs on some rare earth elements, vital for U.S. manufacturers of weapons and electronic consumer goods, and raising tariffs on U.S. goods to 125%.

Now, the two sides have agreed to reduce them significantly for 90 days.

The United States is dropping the extra tariffs it imposed on China this year, taking the rate to 30% from 145%.

Meanwhile China is cutting tariffs on U.S. goods to 10% from 125%.