"While clearly a positive outcome, the lack of reaction in S&P500 futures, and the incremental moves seen in CNH or AUD, suggests achieving the framework on the Geneva agreement was fully expected ...

The agreement struck in May in Geneva called for both sides to scale back punitive tariff hikes imposed as Mr. Trump escalated his trade war and sharply raised import duties.

Both sides agreed in Geneva last month to a 90-day suspension of most of the 100%-plus tariffs they had imposed on each other in an escalating trade war that had sparked fears of recession.

"The U.S. and China lost valuable time in restoring their Geneva agreements," Cutler, now vice president at the Asia Society Policy Institute, told the Associated Press.