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 new deal between the United States and China means Americans can expect smaller price hikes in coming weeks and fewer shortages.

With the deal announced after a weekend of negotiations, the U.S.’s effective tariff on China will be 39%, including levies in place before President Trump took office, according to Evercore ISI. That is the highest on any major country,