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.

U.S. and Chinese officials said they had reached a deal to roll back most of their recent tariffs and call a 90-day truce in their trade war.

The 145 percent U.S. tariff on Chinese goods will come down to 30 percent under the deal. The U.S. Treasury secretary said “neither side wanted a decoupling.”