Donald Trump tried hard to convince the world's elite this week that he and Chinese President Xi Jinping have left their trade war behind them and they've moved on to a brighter future.

But many participants at the World Economic Forum in Davos, Switzerland, aren't convinced that the U.S. president's words here really translate to a declaration of peace.

On Tuesday, Trump acknowledged that the U.S.-China relationship "went through a very rough patch, but it's never, ever been better."