The United States will cut the low value "de minimis" tariff on China shipments, a White House executive order said on Monday, further de-escalating a potentially damaging trade war between the world's two largest economies.

President Trump’s triple-digit tariffs on Chinese products disrupted global trade — but haven’t appeared to result in major concessions from Beijing.

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.