But for most of the trade hawks in his administration, it will likely be a disappointment - though hope remains for a more comprehensive 'Phase 2' pact after the election, assuming Trump wins a second term.

Rather than ending trade tensions with Beijing, the "hard fought" agreement will help establish a "fragile truce" between the world's two largest economies, the FT reports. Indeed, many feel like the only reason we're even getting a deal is thanks to escalating anxieties about slowing growth (in Beijing) and worries about a major market selloff heading into November (in Washington). Trump is worried because it's an election year, and President Xi is worried because China's powerful growth engine has started to slow, threatening to sow instability and discord among China's population.