As financial markets pin their hopes on a de-escalation in the U.S.-China trade war, some experts caution that meaningful progress in striking a deal between the world's two largest economies may still be some way off.

A s China’s export machine sputters under the weight of 145% tariffs, jobs are at risk. Some 16m workers are involved in the production of goods bound for America, says Goldman Sachs, a bank. Nomura, another bank, projects a possible 5.7m job losses in the near term and 15.8m in the long run as the shock ripples through the economy.

The standoff over terms of negotiations, and whether they are happening, signals that a protracted economic fight lies ahead.