U.S. and Chinese officials said they had reached a deal to roll back most of their recent tariffs and call a 90-day truce in their trade war for more talks on resolving their trade disputes.

GENEVA — The United States and China have agreed to temporarily slash reciprocal tariffs in a deal that surpassed expectations as the world’s two biggest economies seek to end a damaging trade war that has stoked fears of recession and roiled financial markets.

The talks in Switzerland resulted in significant cuts to the tit-for-tat tariffs that had been stacked up over the last month on both sides. US tariffs on Chinese imports will fall to 30% from 145%, while China's tariffs on US goods will drop to 10% from 125%.