What does the US-China tariff deal mean? The agreement marks a major de-escalation of the trade war between the world's two biggest economies, which has sent shockwaves impacting countless other countries, including the UK. The deal involves both nations cancelling some tariffs altogether and suspending others for 90 days, by 14 May. The announcement came after the two countries held talks in Switzerland, the first between the two countries since Trump sparked the latest tariff war. What goods do the US and China trade with each other?