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.

The new U.S. ambassador to China, former senator and business executive David Perdue, has arrived in Beijing as China and the U.S. reached a temporary break in the damaging tariff war

China trade deal will cut Trump’s “reciprocal tariff” on Chinese goods from 125% to 10%, while Beijing will also do the same.

The world’s two biggest economies agreed to a temporary rollback of most of their recent levies after negotiating in Switzerland over the weekend.

U.S. bookings for container transport from China to the United States spiked almost 300% in the wake of the United States and China pausing punishing tit-for-tat tariffs, container-tracking software provider Vizion said on Wednesday.

China’s widening trade surplus with the European Union is fueling fresh concerns that the 27-nation bloc risks becoming a dumping ground for cheap goods in the volatile tariff confrontation between Washington and Beijing.

The move by the Trump administration to lower tariffs on goods from China to 30% from 120%, still offers limited reprieve for US small businesses, who remain cautious as tariffs are still sky high by historical levels and are also pressuring profits.

A wave of protests over factory closures in China in recent weeks appeared to show the impact of U.S. tariffs on a highly exposed sector that employs millions. The demonstrations, a reflection of the export-driven economy's early pain,