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.

China will host a summit that includes its key Latin American trade partners this week in an effort to advance influence and partnerships in the region, as Beijing and Washington try to defuse their trade war.

Both sides are hailing the temporary reprieve, which will cut U.S. duties on Chinese goods to 30 percent, but analysts say underlying issues remain.