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.

Under the new agreement, the US and China have both suspended all but 10% of their Liberation Day tariffs for 90 days and cancelled other retaliatory tariffs. This will cut US tariffs on Chinese imports to 30%, while Chinese tariffs on US imports will be cut to 10%. The pause will begin on 14 May.

Both countries have agreed to reduce reciprocal tariffs by 115% for an initial 90-day period as talks continue.