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 US and China have agreed to put most tariffs on pause for 90 days, marking a major deescalation in a trade tit-for-tat that has roiled global markets. Treasury Secretary Scott Bessent, who led weekend trade talks for the US delegation,

Both sides are hailing the temporary reprieve, which will cut U.S. duties on Chinese goods to 30 percent, but analysts say underlying issues remain.