Progress toward reducing trade barriers has been made but uncertainty from U.S. trade policy will lead to weaker growth and continued lower inflation in the U.K., Lombardelli said.

The deal still has to be finalized, but it was hailed as a success by both countries for being the first since President Trump announced broad tariffs in April.

The EU is weighing a temporary return to its pre-war trade agreement with Ukraine if a renegotiated deal is not ready to take effect when war-related tariff suspensions expire on June 5, EU diplomats said on Wednesday.

When President Trump ended a tariff exemption for small packages from China and Hong Kong, e-commerce companies Shein and Temu lost a big advantage as they became exposed to Trump’s new sky-hig

"Today’s announcement is a positive step that will allow some trade between the two countries to resume," said U.S.-China Business Council President Sean Stein

On its own, the deal struck Monday between the U.S. and China to de-escalate the trade war is undeniably a positive development. As part of the deal, the U.S. will temporarily lower tariffs on Chinese imports from 145 percent to 30 percent (which will be applied on top of other tariffs imposed by the first Trump administration).

David Gura, Anchor and Correspondent for Bloomberg News and Sam Stein, Managing Editor for The Bulwark joins Nicolle Wallace on Deadline White House to discuss the fallout from the 90 day pause on significant tariffs that was agreed to by the United States and China and how the unpredictability of the American President has given China a lane to persuade countries that used to be our reliable trading partners to work with President Xi.