It's not over: The US-China trade war is still on despite 90-day tariff ceasefire, experts say

Markets around the world cheered the 90-day ceasefire that U.S. President Donald Trump and Chinese President Xi Jinping agreed on over the weekend, but experts repeatedly expressed doubt that any concrete steps to totally ease tensions between the two economic giants can be achieved in so short a time.

"This is not a truce, this is not an armistice," Steve Okun, senior advisor at McLarty Associates, told CNBC's "Street Signs" on Monday. He noted the additional tariffs that the U.S. and China have imposed on each other's products are still in place, so the 90-day withholding of further levies doesn't signal the end of the trade fight.

"Sure, it's a good sign that presidents talk, it's a good sign that they've set some kind of 90-day period — even though we don't really know what's expected to occur in that 90 days — but the trade war is on," added Okun, a trade expert and a board member of the American Chamber of Commerce in Singapore.

Trump and Xi met at the G-20 summit in Argentina over the weekend. There, the American president agreed to not raise tariffs on $200 billion worth of Chinese imports from 10 percent to 25 percent in January as he had previously threatened, according to a statement from the White House. But, if the two countries fail to reach a deal at the end of 90 days, the threatened tariffs will be implemented, the statement said.

Notably, the 90-day period was not emphasized by the Chinese side.

Stocks in Asia traded higher on Monday morning after the news, U.S. stock futures jumped, and oil prices soared. But there aren't many reasons for such optimism in markets to continue, some experts said.

------------------------------------------------------FROM CNBC.com