After equities crumpled and bond markets starting flashing red, Trump this week blinked first in his push to remodel the post-war system of global commerce and froze many tariffs for 90 days.
As the dollar weakened as well, Trump acknowledged “a transition cost and transition problems,“ but dismissed global market turmoil. “In the end it’s going to be a beautiful thing.”
“(The EU) were ready to announce retaliation. And then they heard about what we did with respect to China‘,“ Trump said.
“With the European Commission, we must show ourselves as strong: Europe must continue to work on all the necessary counter-measures,“ he said on X.
“China and Europe should fulfil their international responsibilities... and jointly resist unilateral bullying practices,“ Xi said.
'No winners'
Tokyo sank more than four percent -- a day after surging more than nine percent -- while Sydney, Seoul, Singapore and others also sagged.
“The sugar high from Trump's tariff pause is fading fast,“ said Stephen Innes at SPI Asset Management.
'Golden Age'
Critics say Trump's policies are causing chaos for companies that rely on complex supply chains, alienating close allies and making goods more expensive for US consumers.
The EU welcomed the US president's partial row-back and proffered its own olive branch, suspending for 90 days tariffs teed up on 20 billion euros' ($22.4 billion) worth of US goods.
“An example is you could put a levy on the advertising revenues of digital services” applying across the bloc, she said.
“If we can’t make the deal we want to make... then we’d go back to where we were,“ he said.
Vietnam said it had agreed with the United States to start trade talks, while Pakistan is sending a delegation to Washington.
As China battles to find allies against Trump's trade war, Xi will travel next week to Vietnam, Malaysia and Cambodia, where the tariff drama is expected to feature high on the agenda.
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