Chinese state media — and many outside analysts — declared Beijing had won round one of the trade war after the Trump administration rolled back many tariffs.

China and the United States announced a truce in their trade war on Monday after talks in Geneva that will roll back the bulk of tariffs and other countermeasures by Wednesday.

The United States and China have signed a "trade deal" after a more than month-long trade war between the world's two largest economies, the White House has said. The pair had been negotiating in Geneva,