Lowering the Temperature
Author: Greg Valliere
October 30, 2025
The details are still sketchy, but it appears that the Trump-Xi Jinping summit was a modest success, with many of the tough issues deferred until next year.
Prospects are good that there will be a reduction in tariffs, with agreements on the shipment of goods like soybeans.
We haven’t seen all the details but there appears to be a truce on rare metals and a trade deal that eased some tariffs that were imposed at the height of the fentanyl dispute.
The press made a big deal of Trump’s push for nuclear testing. This apparently did not cover weapons but delivery systems — perhaps a signal to other countries like North Korea.
Aid to Ukraine was discussed, the participants said, in talks that will lower the global temperature. Even Canadian Prime Minister Mark Carney, who infuriated Trump last week, was invited to last night’s dinner.
Trump proclaimed that the meeting was a success — a 12 on a scale of 1 to 10, he said —but there shouldn’t be any illusions — it will take many months to iron out all the details.
In the meantime, talks will heat up on a U.S. budget deal, as both parties report progress. The revulsion by the public over Americans going hungry has finally shamed the parties to move toward a deal, which may be in focus by early next week.
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