Beijing, Washington agreed to drastically lower sky-high tariffs in a deal that emerged from pivotal talks in Geneva.

The United States and China slashed sweeping tariffs on each others' goods for 90 days on Wednesday, marking a temporary de-escalation in a brutal trade war that roiled global markets and international supply chains.

The US will cut the additional tariffs imposed on Chinese goods during US President Donald Trump’s second term to 30 per cent from 145 per cent while Chinese retaliatory duties on US imports imposed since April 2 will fall to 10 per cent from 125 per cent, the two countries announced on Monday.