The US and China have agreed a deal that will significantly cut the import tariffs that both nations have imposed on one another for a 90-day period.

US Treasury Secretary Scott Bessent said both countries would lower their reciprocal tariffs by 115% for 90 days.

The announcement came after the two countries held talks in Switzerland over the weekend.

President Trump had imposed a 145% tariff on Chinese imports, while Beijing responded with a 125% levy on some US goods.

However, the US tariffs on Chinese imports will now be cut to 30% for 90 days, while Chinese tariffs on US imports will be cut to 10% for the same period of time.