The China deal, like the U.K. deal, still leaves the U.S. with much higher barriers to trade than it had before.

WASHINGTON − Top Trump administration officials said they reached a trade agreement with China after two days of negotiations in Geneva, marking a potentially massive victory for President Donald Trump amid his trade war with Beijing.

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

The pound slumped against a stronger dollar on Monday but firmed against the euro and yen as the United States and China temporarily cut reciprocal tariffs following negotiations over the weekend.

The dollar jumped and government bonds sold off as markets reacted to a de-escalation in the trade war between China and the US, which agreed to temporarily lower some tariffs for 90 days.

Futures in the precious metal slid as the agreement to lower tariffs increased risk-on sentiment in markets.