JPMorgan is walking back its 60% recession prediction for 2025 following the 90-day pause on trade tariffs agreed by China and the US.

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.

The president has backtracked repeatedly on his tariff policies, creating a whiplash with downsides and few clear benefits so far.

WASHINGTON (AP) — Online shoppers in the U.S. will see a price break on their purchases valued at less than $800 and shipped from China after the Trump administration reached a truce with Beijing over sky-high tariffs.

Two days of high-stakes talks between the US and China have led to a 90-day pause on tariffs, with duties set to drop by 115 percentage points on both sides by Wednesday and with President Donald Trump and Chinese President Xi Jinping now likely to talk in the coming days.

In another sign of Apple’s growing political power, Donald Trump tweeted that he had personally discussed this all with CEO Tim Cook. This followed a 90-day suspension of tariffs agreed upon by the United States and China.

Economists believe the US will skirt a recession as lower tariffs than initially announced by the Trump administration are set to handicap consumer spending less than previously feared.

Xi Jinping’s defiance against Donald Trump pays off with the dramatic tariffs reduction. Bloomberg reporters answer your questions on what lies ahead.