A trade deal between the United States and China slashing most tariffs came into effect on Wednesday, a temporary ceasefire in a brutal trade war that has roiled global markets and international supply chains.
Washington and Beijing had agreed this week to drastically lower eye-watering tariffs in a deal that emerged from talks at the weekend in Geneva.
US President Donald Trump said earlier Washington 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 Tuesday on Fox News.
"We have the confines of a very, very strong deal with China. But the most exciting part of the deal...that's the opening up of China to US business," he told the US broadcaster while aboard Air Force One on the way to the start of his Gulf tour.
"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," he added, without elaborating on details.
Both superpowers agree to “establish a mechanism to continue discussions about economic and trade relations”.
Asian shares mostly gain, cautious relief
Asian shares were mostly higher on Wednesday as a cautious sense of relief spread through regional markets after the US and China agreed to a 90-day pause in their trade war.
Japan's benchmark Nikkei 225 lost 0.8 percent to 37,874.59. Australia's S&P/ASX 200 shed 0.1 percent to 8,260.40.
South Korea's Kospi surged 1.1 percent to 2,635.86. Hong Kong's Hang Seng jumped 1.1 percent to 23,367.57, while the Shanghai Composite gained 0.1 percent to 3,377.75.
Global businesses and investors are tepidly relieved about the trade truce between the U.S. and China, given uncertainty over how long it might last and where tariffs might go in the months ahead.
“In the absence of a lasting deal, uncertainty over where tariff rates will settle and the impact of those already implemented will remain key factors in our macroeconomic forecasts,” said Brian Coulton, chief economist at Fitch Ratings.
US President said the meeting was very good and described it as a "total reset", negotiated in a friendly but constructive manner.
