The talks in Switzerland resulted in significant cuts to the tit-for-tat tariffs that had been stacked up since January on both sides. The US will lower those tariffs from 145% to 30%, while China's retaliatory tariffs on US goods will drop to 10% from 125%.

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 will reduce tariffs by 115% for at least the next three months after President Trump escalated the fight to impose 145% tariffs on Chinese imports.