The United States and China said on Monday they have agreed a deal to slash reciprocal tariffs for now as the world's two biggest economies seek to end a trade war that has disrupted the global outlook and set financial markets on edge.

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.

Bullying’ leads to isolation, Chinese leader Xi Jinping warned, after the Trump administration rolled back many tariffs.