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.

The U.S. tariff on Chinese imports reflects a 10 percent baseline and a 20 percent tariff related to China's role in the fentanyl trade. It is down from a combined 145 percent. China had previously mirrored the reciprocal rate up to 125 percent.