Both sides are hailing the temporary reprieve, which will cut U.S. duties on Chinese goods to 30 percent, but analysts say underlying issues remain.

The trade-dependent economies are looking to insulate themselves after US President Donald Trump blew up global trade norms by announcing a slew of tariffs targeting countries around the world this year.

The World Trade Organization Director General is in Japan for a three-day visit, where she met with Prime Minister Fumio Kishida in Tokyo

The White House said it was announcing a trade deal without providing any details. Representatives from the U.S. and China had been meeting in Switzerland.

Misinformation circulating on social media is undermining the US-China trade truce. Chinese state media promote false claims that Americans are panic-buying Chinese goods.

China said on Wednesday trade talks with the U.S. were an important step toward bridging gaps but what was really needed was "indispensable" multilateralism to find a way out of global trade turmoil.

Exporters, importers and recent government statistics all suggest that trade in both directions is slowing sharply as a result of the tariffs. Neither side appears willing to be seen giving ground.

The European Union has agreed to fast-track trade talks with the US in a bid to avoid President Trump's 50% tariffs — which, in an about-face, he announced would be delayed until July 9. On Tuesday, a Bloomberg report said that the EU's trade chief,

Chinese Premier Li Qiang said Tuesday that the first-ever summit between his country, Southeast Asian leaders and Gulf states was "a response to the call of the times" in a geopolitically uncertain world.

China has negotiated an updated free-trade deal with the 10-nation Association of Southeast Asian Nations (Asean) bloc, strengthening Beijing's standing in the region amid ongoing trade tensions with the United States.