After a weekend of high-level meetings in Switzerland, the US will reduce "reciprocal" tariffs on goods from China to 10% from 125%. A separate 20% tariff imposed by Trump over what he says is China's role in the fentanyl trade will remain intact.

A day after China and the U.S. agreed to a 90-day truce in their tariffs stalemate, China is moving to strengthen its alliances as a counterweight to President Donald Trump's trade war.