by Johannes Neudecker, Christiane Oelrich

Geneva - Is there now a deal in the tariff conflict? China and the USA have agreed to lower their mutual tariffs in the ongoing trade dispute .

Accordingly, US tariffs on Chinese imports will fall to 30 percent. Previously, these were at 145 percent. Beijing's surcharges on imports from the United States will fall from 125 percent to 10 percent.

Delegations from both sides had previously met in Geneva, Switzerland, for consultations.

According to Chinese sources, both sides agreed to set up a mechanism for economic and trade consultations, as Vice Premier He Lifeng said according to Chinese state media. The meeting in Geneva was an important step towards resolving differences through dialog and laid the foundation for deepening cooperation.

According to the US, the two sides had reached an agreement on the tariff dispute - and thus achieved a possible breakthrough in the deadlocked trade conflict.

China and the USA are the two largest economies in the world. Under the previous tariffs, trade between the two countries was effectively no longer possible, which also had an impact on the global economy.

The markets reacted with relief. The share price of Danish shipping giant Maersk initially rose by around 10 percent in early trading.