The de-escalation provides both sides with breathing space to find a way to preserve trading ties that were threatening to grind to a halt.

The White House has issued a statement saying the U.S. announced a China trade deal after the conclusion of talks between the U.S. and Chinese delegations in Switzerland on Sunday. But it wasn't immediately clear whether a deal had actually materialized.

With his tariff 'deals,' President Trump leaves international trade relationships even more unsettled than before.

US economic outlook improves, inflation forecasts drop and recession odds fall after US-China trade deal to reduce the highest tariffs for 90 days.