Xi Jinping’s decision to stand his ground against U.S. President Donald Trump could hardly have gone any better for the Chinese leader.
After two days of high-stakes talks in Switzerland, trade negotiators from the world’s biggest economies announced Monday a massive deescalation in tariffs. In a carefully coordinated joint statement, the U.S. slashed duties on Chinese products to 30% from 145% for a 90-day period, while Beijing dropped its levy on most goods to 10%.
The dramatic reduction exceeded expectations in China, and sent the dollar and stocks soaring — providing some much-needed market relief for Trump, who is facing pressure as inflation looks set to speed up at home. Chinese equities also surged.
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