India, May 13 -- The United States and China on Monday agreed to roll back tariffs on each other's goods for a 90-day period initially in a bid to defuse the rising trade war between the world's two largest economies.

The announcement was made after marathon negotiations between Washington, DC, and Beijing in Switzerland's Geneva over the weekend, the first high-level talks since US President Donald Trump imposed steep tariffs on Chinese imports earlier this year.

The two sides also agreed to establish "a mechanism to continue discussions about economic and trade relations", led by Chinese Vice Premier He Lifeng and US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer.

The tariff cuts mark a step back from the...