The U.S. will now lower its tariff rate against Chinese goods from 145 percent to 30 percent, while China will lower its rates from 125 percent to 10 percent. The agreement means China will also temporarily suspend restrictions on the exporting of rare earth minerals and other raw materials to the United States.

Bitcoin jumps past $105K as U.S. and China announce temporary tariff cuts, signaling a thaw in trade tensions and boosting market sentiment.

Trump and his aides have repeatedly shifted their stance on tariffs in the weeks since the president’s “Liberation Day” announcement.