The temporary lifting of triple-digit trade levies between China and the U.S. while trade talks get under way removes the threat of an immediate stagflationary hit to the economy. This is very good news.

The White House on Sunday published details of what could be a historic trade deal with China, the world’s No. 2 economy, after President Donald Trump imposed a series of crippling tariffs aimed at resetting economic conditions between both nations.

The United States and China agreed on some preliminary changes to trade, ending a monthslong tariff standoff that worried global markets.