(FILES) this file photo taken on November 09, 2017 shows US President Donald Trump (L) and China's President Xi Jinping leaving a business leaders event at the Great Hall of the People in Beijing.  The United States and China announced a major thaw in their trade war Friday, including immediate cuts to punishing import tariffs, but markets were not impressed.
"We have agreed to a very large Phase One Deal with China," President Donald Trump tweeted after officials in Beijing made a similar announcement.
 / AFP / Nicolas ASFOURI
The US and China will begin work on a 'phase two' trade deal immediately after the phase one pact has been signed, said US President Donald Trump, seen here with Chinese president Xi Jinping. / AFP /

Oil steadies above $65 as trade war de-escalates

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