Washington | The Trump administration is vowing privately to swing its focus next year to breaking down and rebuilding the World Trade Organisation after clinching a "phase one" ceasefire deal with China to end their all-consuming 21-month trade war.

After rounds of bruising tit-for-tat escalations, setbacks and recriminations that have sown uncertainty throughout the global economy, Beijing and Washington are now rushing to nail down the final details of their accord before a formal signing – mostly likely in January.