President Trump claims China would have faced greater damage than the U.S. in a prolonged trade war and announces a reduction in tariffs on Chinese imports from 145% to 30%, while China lowers its tariffs on U.S. goods from 125% to 10%.

What This Mean: This development signals a potential de-escalation in trade tensions between the U.S. and China, suggesting both sides may be seeking to avoid further economic harm. However, the broader context reflects ongoing strategic competition, where trade policies remain a key tool for leverage.