The move by the Trump administration to lower tariffs on goods from China to 30% from 120%, still offers limited reprieve for US small businesses, who remain cautious as tariffs are still sky high by historical levels and are also pressuring profits.

US and China announce substantial reductions in tariffs for 90 days The US and China agreed to lower tariffs for 90 days on Monday, as the world’s two biggest economies attempt to cool an escalating trade war.

A tariff reduction on British car exports to the U.S. in a new economic deal brings relief to the UK car industry. The Society of Motor Manufacturers and Traders welcomes the development as a step towards further reducing trade barriers and fostering economic growth for both nations.

This revision reflects the US and China agreeing to a temporary reduction in tariff levels, the US-UK trade deal struck last week, and a modification in auto tariffs that allowed for offset rebates.

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

Bentley has been left hamstrung by the US-UK trade deal that has seen luxury car buyers in America hold off purchases, the boss of the brand has warned.

The 90-day pause is a major de-escalation in the tariff war and comes after talks between both countries in Geneva.

New agreement sees reciprocal US-China tariffs drop from 125% to 10% for 90 days, with final US tariff rate on China lowered to 30%