The agreement lowers tensions in the trade war but does little to change the overall direction of deteriorating ties between Beijing and Washington, analysts say.

The deal involves both nations cancelling some tariffs altogether and suspending others for 90 days, by 14 May. The result is that US tariffs on Chinese imports will fall to from 145% to 30%, while Chinese tariffs on some US imports will fall from 125% to 10%.

China and the United States announced a truce in their trade war on Monday after talks in Geneva that will roll back the bulk of tariffs and other countermeasures by Wednesday.