U.S. and Chinese officials are set to meet in Switzerland to discuss potentially de-escalating the trade spat that has resulted in high tariffs for each country.

China is at the epicentre of U.S. President Donald Trump's global trade war that has roiled financial markets, upended supply chains and fuelled risks of a sharp worldwide economic downturn. Washington wants to reduce its trade deficit with Beijing and convince China to renounce what the U.

The meeting is the strongest sign yet that the world's two biggest economies are ready to de-escalate their trade war.

The Trump administration announced a trade deal with the United Kingdom Thursday in grandiose terms, but with only limited details about what it achieves.