Tue May 13 23:49:40 IST 2025: Okay, here’s a news article summarizing the provided text:

**Headline: US and China De-escalate Trade War with Tariff Truce**

**Washington D.C.** – In a significant development for the global economy, the United States and China have announced a de-escalation of their trade dispute, agreeing to roll back a series of retaliatory tariffs that had been escalating tensions for weeks.

The agreement sees the US reducing taxes on Chinese goods from a high of 145% to 30%, while China will cut tariffs on US products from 125% to 10%. Some levies have been completely scrapped, while others are being put on hold.

The move comes after weeks of escalating trade tensions, triggered last month by US President Donald Trump, which saw both nations imposing unprecedented tariff hikes on each other’s goods. Experts like William Lee, chief economist at the Milken Institute, Huiyao Wang, founder of the Center for China and Globalization, and Jayant Menon, former lead economist at the Asian Development Bank, are closely watching the situation.

The immediate impact on global supply chains is a key focus for economists, as companies worldwide adapt to the changing trade landscape.

The big question remains: is this a definitive end to the trade war, and what does this mean for other countries who were poised to benefit from investments redirected away from China due to the high tariffs? The coming weeks will be critical in determining the long-term consequences of this truce.

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