China’s leaders have positioned the world’s second-largest economy as a reliable trade and development partner, in contrast to the uncertainty and instability from Trump’s tariff hikes and other policies.

The US decision to lower tariffs was largely seen as a victory for China. Many analysts said President Trump had blinked. Eurasia Group founder Ian Bremmer described it as his “biggest climbdown to date”. Others said China had stared down Mr Trump’s tariffs and called his bluff.

The Trump administration declared victory in a trade war with China Monday after a temporary economic ceasefire that sent the Dow leaping 1,100 points.