The Trump administration and China have agreed to slash tariffs for the next 90 days in a push to deescalate a trade war between the two countries.

The US and China have agreed a deal that will significantly cut the import tariffs they have imposed on each other, in a major de-escalation of their trade war. US Treasury Secretary Scott Bessent said both countries would lower their reciprocal tariffs by 115% for 90 days.

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.