The world’s two biggest economies agreed to a 90-day pause on most of their levies after a first round of trade talks in Switzerland over the weekend.

The 145 percent U.S. tariff on Chinese goods will come down to 30 percent under the deal. The U.S. Treasury secretary said “neither side wanted a decoupling.”

The United States and China said on Monday they have agreed a deal to slash reciprocal tariffs for now as the world's two biggest economies seek to end a trade war that has disrupted the global outlook and set financial markets on edge.