US President Donald Trump hailed the trade deal signed last week with China for dramatically improving relations with Beijing. He said it was "much better" than he expected. The "phase one" deal marks a truce in the two countries' trade war after nearly two years of tensions. But with tariffs still in place on two-thirds of more than 500 billion US Dollars worth of imports from China, US consumers and businesses will be left to foot the bill.

Trump also praised a new chapter in relations with Beijing, calling it the best relationship ever with China in many years.

US and China signed "phase one" of their trade deal last Wednesday. This brought relief to stock markets after prolonged trade friction. The deal is also a boon for Trump as he faces an impeachment trial in the Senate this week, followed by a tough re-election fight.

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