A day after China and the U.S. agreed to a 90-day truce in their tariffs stalemate, China is moving to strengthen its alliances as a counterweight to President Donald Trump's trade war.

President Donald Trump got some good news this week related to his trade war with the world. First, he secured a 90-day tariff truce with China – breathing room to negotiate further. Then, newly released inflation figures suggested his import duties have not really raised prices for American consumers – yet.

Walmart has warned customers to expect higher prices despite the recent deal between the US and China to reduce punitive tariffs imposed in Donald Trump’s trade war. The world’s biggest retailer is particularly exposed to the US president’s trade war.

The UK government said there was "no such thing as a veto on Chinese investment" in its tariff deal with the US.

The United States and China slashed sweeping tariffs on each others' goods for 90 days on Wednesday, marking a temporary de-escalation in a brutal trade war that roiled global markets

Donald Trump’s tariffs on China will likely remain at a level expected to severely curtail Chinese exports to the US after the 90-day truce, analysts and investors say, suggesting Beijing may have to endure further economic pain despite active talks.

President Donald Trump initially resisted calls to reduce tariffs on Chinese imports, believing that the U.S. needed to endure short-term economic pain for a significant trade rebalancing. He perceived that China had more to lose in this trade standoff.