On "Forbes Newsroom," author and U.S.-China relations expert Gordon Chang discussed the U.S.-China trade deal.

The U.S. and China agreed to lower tariffs for 90 days. The details: U.S. tariffs on Chinese goods will fall to 30 percent from 145 percent. Meanwhile, China’s blanket tariffs on U.S. products will drop to 10 percent from 125 percent. A few tariffs will remain. President Donald Trump signed an order to lower prescription drug prices.

The agreement was cheered in Beijing as vindication for Xi Jinping and his defiant response to President Trump’s trade war.

The Trump administration has made moves to ease tariff tensions with China but new reports indicate that prices, including for cars, are on the rise.

Trade deals are driving the recovery for U.S. stocks with the S&P 500 erasing all of its losses post Liberation Day. President Trump continues his Middle East trip striking partnerships and investments,

China’s big appetite for the small, green “happy nuts” drives nearly a third of the $3 billion U.S. crop, centered in California.

Both nations pledged to cut their broad, ballooning tariffs after weekend talks. US tariffs dropped to 30% from 145%, while China’s moved to 10% from 125%, per a joint statement

Former Treasury Secretary Lawrence Summers applauded the Trump administration’s walk-back from what he characterized as overly aggressive trade protection measures, singling out Scott Bessent in particular for his weekend work with China.