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 Trump administration has lowered the tariff on low-value shipments (under $800) from China and Hong Kong from 120% to 54%, as part of a temporary trade

The White House says the U.S. and China have agreed to suspend for 90 days most of the tariffs imposed against each other over the last couple months.

Long-threatened tariffs from U.S. President Donald Trump have plunged the country into trade wars abroad — all while on-again, off-again new levies continue to escalate uncertainty.

The Trump administration has made moves to ease tariff tensions with China, but the situation remains uncertain in the longterm.

President Donald Trump has slashed the "de minimis " tariff on low-value packages imported from China to 54 percent, down from 120 percent, the White House confirmed in an updated executive order published late Monday.

Chinese leader Xi Jinping has taken aim at “bullying” and “hegemonism,” in his first public remarks since a temporary truce over tariffs was agreed in the trade war between the United States and China.

President Trump is headed to three wealthy Mideast nations as Israel, Iran, Russia, Ukraine, and other regional players look to end ongoing conflicts.

Officials wrapped up two days of bargaining in Switzerland and touted "substantial progress." More details are expected on Monday.

Here's what an agreement by the U.S. and China to suspend steep tariffs for 90 days means for consumers, businesses and the economy.