China on Wednesday said it was suspending some non-tariff countermeasures against the United States, in another de-escalation of the trade war with Washington following high-level talks in Switzerland.

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.

Global markets rose after the US and China slashed tariffs for 90 days in a significant de-escalation of the trade war. US tariffs on Chinese goods will fall to 30 per cent from 145 per cent and Chinese duties on US imports will fall to 10 per cent from 125 per cent, the two countries announced on Monday.