The US and China have agreed a truce to lower import taxes on goods being traded between the two countries. The agreement marks a major de-escalation of the trade war between the world's two biggest economies, which has sent shockwaves impacting countless other countries, including the UK. Here's what it all means.

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.

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.