The 145 percent U.S. tariff on Chinese goods will come down to 30 percent for 90 days, while the two sides continue talks aimed at resolving their differences.

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.

The U.S. and China on Monday agreed to suspend most tariffs on each other's goods in a move that shows a thawing of trade tensions between the world's two largest economies. The deal means "reciprocal" tariffs between both countries will be cut from 125% to 10%.