China and the United States are lifting 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.

Washington and Beijing had agreed to drastically lower skyhigh tariffs in a deal that emerged from pivotal talks at the weekend in Geneva.

US President Donald Trump said Washington now had the blueprint for a "very, very strong" trade deal with China that would see Beijing's economy "open up" to US businesses, in an interview broadcast on Tuesday on Fox News.

"We have the confines of a very, very strong deal with China," he told the US broadcaster while aboard Air Force One on the way to the start of his Gulf tour.

"But the most exciting part of the deal...that's the opening up of China to US business.

"One of the things I think that could be most exciting for us and also for China, is that we're trying to open up China."

Trump had upended international commerce with his sweeping tariffs across economies, with China hit hardest.

Unwilling to budge, Beijing had responded with retaliatory levies that brought tariffs on both sides well over 100 percent.

After billions were wiped off equities and with businesses ailing, negotiations finally got under way at the weekend in Geneva between the world's trade superpowers to find a way out of the impasse.

Under the deal, the United States agreed to lower its tariffs on Chinese goods to 30 percent while China will reduce its own to 10 percent – down by over 100 percentage points.

The reductions will come into effect just after midnight Washington time, noon Hong Kong time, on Wednesday, a major de-escalation in trade tensions that saw US tariffs on Chinese imports soar to up to 145 percent and even as high as 245 percent on some products.

Markets rallied in the glow of the China-US tariff suspension.

"There are no winners in tariff wars or trade wars," President Xi Jinping told leaders including Brazil's Luiz Inacio Lula da Silva in Beijing on Tuesday, while his top diplomat Wang Yi swiped at a "major power" that believed "might makes right".

And while the US said it sees room for progress on the issue, Beijing warned Washington to "stop smearing and shifting blame" onto it.

Analysts also warn that the possibility of tariffs coming back into force after 90 days simply piles on more uncertainty.

"Further tariff reductions will be difficult and the risk of renewed escalation persists," Yue Su, Principal Economist at The Economist Intelligence Unit, told AFP.

Trump's rollercoaster tariff row with Beijing has wreaked havoc on US companies that rely on Chinese manufacturing, with a temporary de-escalation only expected to partially calm the storm.

And Beijing officials have admitted that China's economy -- already ailing from a protracted property crisis and sluggish consumer spending -- is likewise being affected by the trade uncertainty.

"Both sides have endured a good deal of economic pain and they can still endure a little bit more," said Dylan Loh, an assistant professor at Singapore's Nanyang Technological University. (AFP)