U.S. Trade Representative Jamieson Greer said the U.S. agreed to drop its 145 percent tariff rate on Chinese goods to 30 percent.

The United States and China reached a trade deal early Monday, ending a monthslong tariff standoff that worried global markets. The new deal will reduce U.S. tariffs on Chinese imports from 145% to 30% and decrease China’s tariffs on American imports from 125% to 10% for 90 days.