The trade truce between the U.S. and China has given everyone a chance to take a breath, but it's only a 90-day reprieve, a former trade representative told CNBC on Tuesday.

"We see it reflected in the markets, not only in the U.S. but worldwide, that it gave everyone a chance to exhale," Ron Kirk, former U.S. trade representative, said.

"At a minimum, we're going to do no more harm and I do applaud the leaders of both countries for taking this opportunity to at least deescalate the current tensions. Now, of course, the long-standing question is what comes next." he told CNBC's Joumanna Bercetche at the Milken Institute summit in London.

"(But) ultimately, this truce will be nothing but a 90-day reprieve if we can't come together and have a common understanding on the path forward."