U.S.–China tariff truce brings calm before the Summit 

Will All Saints’ Day be a double celebration? The dawn of the Trump–Xi meeting looks bright and promising. The U.S. administration and the Chinese government have reached a preliminary framework agreement that could avert Washington’s threat of a sweeping 100% tariff on Chinese imports, due to take effect on 1 November. 

Thursday’s meeting between Xi and Trump in South Korea will be decisive.

What the preliminary deal includes 

China has agreed to postpone for one year the introduction of export controls on rare earths and critical magnets and to resume purchases of American soybeans – a sector hard hit by the trade war. 

In return, the Trump administration announced that the current tariff truce – a freeze on escalation – could be extended beyond the original 10 November deadline. The deal remains tentative, as several provisions must still clear domestic approval in both nations before they can take effect. 

Nevertheless, financial markets and cryptocurrencies are already celebrating. Bitcoin has surged past the $115,000 mark, jumping 3.61% to return to levels last seen on 10 October, inching closer to its record high of $124,000 reached on 6 October.

Donald the accordion 

“Accordion” here refers to the musical instrument. True to his reputation as a businessman, the U.S. President maintains a flexible, rhythmically shifting international stance – expanding and contracting according to domestic needs. 

As inflation pressures the working class and rising costs squeeze businesses, the creeping “Brazilianization” of American society is driving Trump to refocus on reshoring jobs, growth, and investment.

The result is an unrelenting, deal-by-deal negotiation strategy on tariffs with the rest of the world – designed to encourage multinational companies to invest under the Stars and Stripes. 

The numbers still seem to favor Trump. The U.S. economy shows remarkable staying power, with GDP up 3.8% in the second quarter, while inflation stays tame at 2% and unemployment low at 4%. 

The accordion keeps playing its upbeat melody, at least as long as Xi doesn’t change the tune.