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'US Blinked' in Trump, Xi Meeting, Says Mary Lovely
Posted
October 30, 2025
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October 30, 2025
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8:03Now PlayingMary Lovely, nonresident senior fellow at the Peterson Institute for International Economics, said that the US 'blinked' as the Trump administration attempted to gain leverage in trade negotiations with China, leaving negotiators in a weak position.
US President Donald Trump emerged from his meeting with Chinese leader Xi Jinping beaming, labeling the conversation “truly great.”
But the one-year truce struck on Thursday in South Korea is likely to only stabilize relations between the world’s two largest economies rather than resolve fundamental differences, with both sides buying time to further reduce dependence on each other in strategic areas. And it made clear just how much stronger China has become since Trump’s first term in office.
Trump’s move to cut the fentanyl tariff and extend the existing truce on reciprocal tariffs will leave many products facing a levy around 47%, low enough for China’s massive manufacturing base to remain competitive with regional rivals. Just as significantly, the US agreed to suspend a rule expanding restrictions on blacklisted Chinese firms, showing that Xi’s sweeping rare earth curbs could potentially put a cap on new US export controls — something China has sought for years.
“China gave some ground, but the clear dynamic is how Chinese threats have gotten the US to back off a series of proposed restrictions,” said Scott Kennedy, senior adviser at the Center for Strategic and International Studies in Washington. “Xi has created more safe space for China’s economic system and its efforts to achieve greater global leadership.”
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