After days of high-level negotiations, the trade standoff between the United States and China temporarily paused on Wednesday, with two of the world's largest economies slashing sweeping tariffs on each others' goods for 90 days.

Online shoppers in the U.S. will see a price break on their purchases valued at less than $800 and shipped from China after the Trump administration reached a truce with Beijing over sky-high tariffs.

The United States will cut the "de minimis" tariff for low-value items imported from China, a White House executive order said on Monday, further de-escalating a potentially damaging trade war between the world's two largest economies.