China hailed a trade agreement with the U.S. that will see both sides sharply reduce their tariffs for 90 days, calling it an "important step" that could lead to "deepening cooperation" between the world's two largest economies.

The announcement came after the two countries held talks in Switzerland, the first between the two countries since Trump sparked the latest tariff war. Trying to predict the next steps in this ongoing trade war between the US and China these past few months has been difficult to say the least.

Simply sign up to the Chinese trade myFT Digest -- delivered directly to your inbox. China has criticised a trade deal between the UK and US that could be used to squeeze Chinese products out of British supply chains,