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 United States and China said on Monday they have agreed a deal to slash reciprocal tariffs as Washington and Beijing seek to end a trade war that has disrupted the global economy and set financial markets on edge.

The world’s two biggest economies agreed to a 90-day pause on most of their levies after a first round of trade talks in Switzerland over the weekend.