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 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.

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%.