The White House backed off from the steepest levies, as the costs of an all-out trade war with China threatened global economic growth.

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.

China is moving to strengthen its alliances as a counterweight to President Donald Trump’s trade war, presenting a united front with Latin American countries at an event in Beijing