The world’s two biggest economies agreed to a temporary rollback of most of their recent levies after negotiating in Switzerland over the weekend.

New agreement sees reciprocal US-China tariffs drop from 125% to 10% for 90 days, with final US tariff rate on China lowered to 30%

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

The United States and China slashed sweeping tariffs on each others’ goods for 90 days on Wednesday, after a temporary ceasefire in a brutal trade war that roiled global markets and international supply chains.

The lead U.S. negotiator in trade talks with China cheered “a great deal of productivity” in resolving differences between the world’s two leading economic powers, after officials wrapped two days of bargaining in Switzerland following President

Xi Jinping’s defiance against Donald Trump pays off with the dramatic tariffs reduction. Bloomberg reporters answer your questions on what lies ahead.

Trump floated an 80% tariff rate with China on Friday ... have roiled global markets and supply chains before talks can begin, reports claim. AFP via Getty Images The president revealed his first trade deal with the UK on Thursday, leaving the 10% tariff ...

Beijing is trying to win over other countries with vows of economic cooperation. But it won’t back down from its territorial claims, experts predict.