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U.S. Treasury Secretary Scott Bessent (L) and U.S. Trade Representative Jamieson Greer speak to the media after talks between senior U.S. and Chinese officials on tariffs.

The U.S. and China reached a new trade deal. What does it mean?

The U.S. and China have agreed to temporarily rollback on some tariffs. Adam Posen, president of the Peterson Institute for International Economics, puts today’s deal into context.