(CNN) — The United States and China agreed to pause tariff hikes on each other’s goods for an additional 90 days, a White House official told CNN. Without the agreement, tariffs were set to immediately surge, risking a return to ultra-high levels that had formed an effective blockade on trade between the world’s two largest economies.

The news, first reported by CNBC , comes hours ahead of a 12:01 am ET deadline when tariffs on Chinese goods were set to rise to 64% from 30%. It’s unclear what rates China would have charged on American goods, which are currently subject to minimum 10% tariffs.

It also comes after President Donald Trump imposed a slew of “reciprocal” tariffs on trading partners around the world, which have raised the United States’ effective tariff rate to levels not se

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