The prospects for a major breakthrough still appear slight, but even a small drop in tariffs — particularly if taken simultaneously — could help restore some confidence.

Top US officials involved in high-level trade negotiations with China emerged from two days of talks touting “substantial progress” and appearing to confirm that a deal between the two countries had been reached,

China and the United States have agreed to significant cuts in the tariffs they imposed on each other in recent months after talks over the weekend in Switzerland. The two nations have also agreed to continue to negotiations. Here’s a look at the deal and what it means for trade and the U.S. economy:

China hailed a trade agreement with the U.S. that will see both sides sharply reduce their tariffs for 90 days, calling it an "important step" that could lead to "deepening cooperation" between the world's two largest economies.

U.S. and China dramatically scale back tariffs after weekend trade talks in Switzerland. — Trump heads to the Middle East with multiple strands of his presidency at critical junctures. Dasha has the readout from Trump world.