China hailed a trade agreement with the U.S. that will see both sides sharply reduce their tariffs for 90 days, calling it an "important step" that could lead to "deepening cooperation" between the world's two largest economies.

The Trump administration agreed after talks in Switzerland to pare back its 145 percent in tariffs charged on imports from China to 30 percent.

China is moving to strengthen its alliances as a counterweight to President Donald Trump’s trade war, presenting a united front with Latin American countries at an event in Beijing