President Donald Trump has suggested he would reverse restrictions preventing American companies from selling their products to Chinese technology giant Huawei — but it remains unclear if that agreement will bring about any near-term resolution to the year-long trade fight between the U.S. and China, according to management consultancy Bain & Company.

That's because Trump's apparent war against Chinese trade practices is really a war on technology — a space in which China is making "tremendous" progress, according to Henrik Naujoks, partner at the global management consultancy.

"The critical point is that, behind the trade negotiations, there is an underlying theme — which is technology — and the fight for dominance in the technology space," Naujoks told CNBC Monday at the World Economic Forum in Dalian, China.

As part of wider talks to curb an ongoing trade dispute with China, Trump agreed to remove some curbs on Huawei on Saturday, during his meeting with Chinese President Xi Jinping at the Group of 20 summit in Osaka, Japan.

The two leaders also agreed not to levy any further tariffs against each other's products as they sought to proceed with ongoing negotiations.

"I think we have to take this into account if we take a mid- to long-term view," Naujoks said.