Since taking office in January, U.S. President Donald Trump has increased tariffs paid by U.S. importers for goods from China to 145%, in addition to those he imposed on many Chinese goods during his first term and the duties the Biden administration levied.

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.

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.