The Felix View

Trump and Xi met. What actually changes at the border?

Donald Trump and Xi Jinping spent last week talking about the world's most consequential trading relationship. A bilateral trade board has recommended around $30bn of non-sensitive goods on each side for possible more favourable tariff treatment. China's list covers U.S. products including corn, wheat, meat, dairy, seafood, timber, cosmetics and medical devices. The U.S. list includes Chinese appliances, tableware, bedding, toys, holiday decorations and children's car seats. Together, roughly $60bn of bilateral trade is under consideration; the tariff changes have not taken effect. There were other commitments. China agreed to import 10mn tonnes of U.S. coal in both 2027 and …