Qilai Shen | Bloomberg | Getty Images

President Donald Trump, right, and Xi Jinping, China’s president, greet attendees waving American and Chinese national flags during a welcome ceremony outside the Great Hall of the People in Beijing, China, on Thursday, Nov. 9, 2017.

The battle between China and the United States to be the world’s most powerful nation could be the century’s defining moment for financial markets, according to one strategist.

Market players on Tuesday were digesting news of an accord between North Korea and the United States, which aims to work toward complete denuclearization and a lasting “peace regime” on the Korean Peninsula. The historic agreement is being scrutinized by analysts and traders to understand what this moment means to the world and financial markets. But according to Jane Foley, the head of foreign exchange strategy at Rabobank, the wider picture should include China’s relationship with the U.S.

“I think it’s been very clear we’ve had this power struggle or are in the midst perhaps of a power struggle between the U.S. and China, played out, of course, through trade,” Foley told CNBC’s “Squawk Box Europe.”

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