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

The United States and China slashed sweeping tariffs on each others’ goods for 90 days on Wednesday, after a temporary ceasefire in a brutal trade war that roiled global markets and international supply chains.

The president has backtracked repeatedly on his tariff policies, creating a whiplash with downsides and few clear benefits so far.

The lead U.S. negotiator in trade talks with China cheered “a great deal of productivity” in resolving differences between the world’s two leading economic powers, after officials wrapped two days of bargaining in Switzerland following President

Beijing is trying to win over other countries with vows of economic cooperation. But it won’t back down from its territorial claims, experts predict.

Both sides are hailing the temporary reprieve, which will cut U.S. duties on Chinese goods to 30 percent, but analysts say underlying issues remain.

The U.S. tariff on Chinese imports reflects a 10 percent baseline and a 20 percent tariff related to China's role in the fentanyl trade. It is down from a combined 145 percent. China had previously mirrored the reciprocal rate up to 125 percent.

It’s unlikely the U.S. and China can erase the tension in their geopolitical rivalry. But they can manage it. The current talks provide a key avenue.

Negotiators from both sides have agreed to establish a dialogue mechanism for further talks, and US President Donald Trump says he will speak to his Chinese counterpart Xi Jinping soon.