GENEVA (AP) — The United States and China agreed to lower some of their recent taxes on goods. This helps trade start again between the two biggest economies. This made money markets around the world happy.

But the break in President Trump's trade conflicts did not solve the main problems between China and the U.S.

The U.S. will lower a tax from 145% to 30%. China will lower its tax on U.S. goods from 125% to 10%.

Greer and Scott Bessent, who works for the government with money, said they would lower the taxes on goods at a meeting with reporters in Geneva.

The officials spoke hopefully and said they would meet to talk more about trade problems. One official said the high taxes the two countries put on each other last month felt like stopping trade completely, and they don't want that. They want to trade.

America is putting a 30% tax on goods from China. This tax has two parts. One part is an older 20% tax. This old tax was to make China try harder to stop the drug fentanyl from coming into the U.S. The other part is a basic 10% tax, like the tax on goods from many other countries. This 30% tax is added to other taxes that China already had.

Last month, Trump made the total tax 145% because he was angry that China was fighting back. But on Monday, he changed his mind.

China's Ministry of Commerce said the agreement is a good step to help China and the US agree on things. They also said it helps them work together more in the future.

This plan is good for what people who make things and people who buy things want in both countries, and it helps both countries and the world, a ministry statement said.

The two countries made a statement together. China said it would also stop or change other things it has done since April 2. China did these things because the U.S. put taxes on goods. China made it harder to sell some things, like rare earths, which are important for defense. China also put more American companies on lists that make it hard for them to do business with China.

Markets go up because both sides are calming down.

We still don't know how the difficult taxes and trade problems started by the US and China will really affect things. What happens next depends a lot on if they can solve their old disagreements in the next 90 days.

Bessent said in an interview that officials from the U.S. and China will meet again in a few weeks.

But investors were happy because trade representatives from the two biggest economies in the world changed their minds.

The price of shares for big companies like the S&P 500 and Dow Jones went up. The S&P 500 went up by 2.6% and the Dow Jones went up by 2%. Oil prices also went up by more than $1.60 a barrel. The US dollar became stronger compared to the euro and the Japanese yen.

Mark Williams said this is a big step down. But he also said we don't know if the 90-day break will really end the problems for good.

Dani Rodrik, an economist, said the countries stopped fighting about trade. But the US still has high taxes on goods from China, and this will mostly hurt people in the US.

Trump got nothing from China after he caused many problems, Rodrik wrote online.

Craig Singleton said the deal happened quickly because both sides had more money problems than they admitted.

Singleton said that China had economic problems. Many people lost their jobs, money left the country, and companies sold fewer goods to other countries. He also said that Trump cared about the markets, and this deal was a success for him because he kept his power.

When the U.S. and China made their announcement, the price of shares went up a lot. U.S. futures went up by over 2%. Shares in Hong Kong went up by almost 3%, and shares in Germany and France both went up by 0.7%.

When the cost of bringing goods into a country goes down a little, but people are not sure if it will change again, it will still make it difficult for countries to buy and sell things and put money into each other's businesses, a professor said.

However, he said it's a good sign for the world economy that American taxes on imports might become big problems for trade, but not problems that are impossible to solve.

Jay Foreman, who is the boss of a toy company in Florida called Basic Fun, said he was happy that the tax on toys from China is now 30%. But he wants it to be 10%.

The manager said he told his team in China to send the toys. They had stopped sending them in April. He thought he would have to make the toys cost twice as much. But now, the price will only go up by 10% to 15% in the next few months.

It's like they gave us a bad thing and hoped we would be happy with another bad thing, Foreman said.