Chinese leader Xi Jinping says "bullying" and "hegemonism" will only backfire, in a veiled reference to the United States just a day after a temporary truce was agreed in the trade war between the world's two largest economies.

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.

Chinese leader Xi Jinping reinforced his message on U.S. trade policy Tuesday at a Beijing gathering of leaders and foreign ministers from Latin American and Caribbean countries, amid China’s efforts to rally international opinion against President Trump’s global tariffs.