The US and China agreed to a 90-day pause in the trade war - lowering tariffs to 115 percent

United States i China have agreed to mutually reduce by 115 percent the customs tariff on the products they import, during 90 days, said the US Minister of Finance Scott Bessant in Geneva, reports world agencies.

Bessent told reporters that "both sides showed great respect" during the negotiations.

"Both sides have an interest in balanced trade," he said, the Guardian reported.

The US-China deal follows days of talks over the weekend and is a significant de-escalation in the trade war that began last month.

The US previously raised tariffs on Chinese goods to 145 percent, while Beijing retaliated with tariffs of 125 percent on American products.

The White House announced last night that President Donald Trump's administration had reached a trade deal with China during talks in Geneva and described the talks as "productive".