#TradeWarEases Share markets jumped on Monday after President Trump said weekend talks had resulted in a "total reset" in trade terms between the US and China, a move which goes some way to defuse the high stakes stand-off between the two countries.

The talks in Switzerland resulted in significant cuts to the tit-for-tat tariffs that had been stacked up since January on both sides.

The US will lower those tariffs from 145% to 30%, while China's retaliatory tariffs on US goods will drop to 10% from 125%.

President Trump told reporters, that, as some of the levies have been suspended rather than cancelled altogether, they might rise again in three months time, if no further progress was made.