Xi-Trump meeting: America has discovered that bullies can be bullied back

Outcome appears closer to truce than durable peace but outline of broader diplomatic relationship is visible

When Donald Trump launched his trade war against China in April, threatening tariffs as high as 145%, the Chinese government said it would never bow to blackmail and vowed to “fight to the end”.

The question now is whether the consensus reached between Trump and Xi Jinping in Busan, South Korea, on Thursday means that the fight really has come to an end, and if so on whose terms.

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