In a joint statement released this morning, the U.S. and China announced they plan to pause some tariffs for a 90-day period. While tariffs have been dramatically reduced by both countries, some will still be in effect.

“We went from being in a failed economic policy to a D+ or maybe C- economic policy,” said Adam Posen, president at the Peterson Institute for International Economics.

Posen joined “Marketplace” host Kai Ryssdal to discuss this new trade development. Click the audio player above to listen to the full story.