The United States and China reached a trade deal early Monday, ending a monthslong tariff standoff that worried global markets. The new deal will reduce U.S. tariffs on Chinese imports from 145% to 30% and decrease China’s tariffs on American imports from 125% to 10% for 90 days.

The United States and China said on Monday they have agreed a deal to slash reciprocal tariffs as Washington and Beijing seek to end a trade war that has disrupted the global economy and set financial markets on edge.