Xi defiance pays off as Trump meets most China trade demands

A historic moment in global trade as China and the U.S. agreed to sharply cut tariffs amid high-stakes talks in Switzerland. The U.S. reduced duties on Chinese goods to 30% from 145%, while Beijing dropped its own tariffs on most products to 10%. This dramatic deescalation sent Chinese equities surging, the dollar rallying, and stocks worldwide rising—providing much-needed relief for President Trump as inflation accelerates at home.