Indeed, there is no reason to turn over-optimistic. We don't expect the existing tariffs to be reduced any time soon. Louis Kuijs head of Asia economics at Oxford Economics

'Core, critical thorny issues'

Additional tariffs that were implemented during the tit-for-tat fight last year have not gone away. That's one of the reasons why some strategists and analysts have refrained from cheering the latest trade development between the two largest economies in the world. "Indeed, there is no reason to turn over-optimistic. We don't expect the existing tariffs to be reduced any time soon," Louis Kuijs, head of Asia economics at consultancy firm Oxford Economics, wrote in a Monday note. "It is also not clear whether there will be any significant reduction in other US restrictions in the area of technology or a change in its stance on Huawei."