GENEVA — The United States and China have agreed to temporarily slash reciprocal tariffs in a deal that surpassed expectations as the world’s two biggest economies seek to end a damaging trade war that has stoked fears of recession and roiled financial markets.

Wall Street opened higher on Monday after the US agreed to cut tariffs on Chinese goods to 30%, with China reducing its levies to 10%.

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