After days of high-level negotiations, the trade standoff between the United States and China temporarily paused on Wednesday, with two of the world's largest economies slashing sweeping tariffs on each others' goods for 90 days.

TAIPEI, Taiwan (AP) — China is moving to strengthen its alliances with other countries as a counterweight to President Donald Trump’s trade war, presenting a united front with Latin American leaders a day after China and the U.S. agreed to a 90-day truce in their tariffs stalemate.

Pandora, the Danish jewelry company, said it was “battle ready,” with plans to raise prices and reroute shipments from the United States, but tariffs could potentially cost it millions of dollars.

The U.S.-China trade war has gone through multiple rounds of tariffs and retaliatory measures. In a span of three months, the tax on products imported to the U.S. from China went from 10% in February to 145% in April.

Following the lowering of reciprocal tariffs, the White House announced that it would slash duties on de minimis shipments from China by more than half.

The White House backed off from the steepest levies, as the costs of an all-out trade war with China threatened global economic growth.

Farmers in the United States are paying close attention to the ongoing trade war between the United State and China, especially as planting season has begun.

Asian shares advanced Tuesday after China and the United States announced a 90-day truce in their trade war, but the gains were tempered by uncertainties over the longer term, as analysts warned President Donald Trump’s policies could still quickly change.

Financial markets also repriced after the U.S.-China agreement, slashing bets that the Fed would need to start cutting rates by July to cushion an economic downturn. Traders now see just two interest-rate cuts by year's end, beginning in September.

Shares of many companies that source at least some of their goods from China are surging on Monday as U.S. and Chinese officials announced that they had reached a deal to roll back most of their recen

The United States expects a 10 percent baseline tariff to be in place for the foreseeable future for countries across the globe amid trade tensions, according to a report in The Hill. Commerce Secretary Howard Lutnick stated this expectation on CNN's "State of the Union" this past Sunday.