Xi Jinping warns that “bullying” and “hegemonism” in global trade will backfire, criticizing U.S. trade policies. Speaking at a Latin American summit in Beijing, Xi emphasized that no one wins in a tariff war,

We have the confines of a very, very strong deal with China. But the most exciting part of the deal...that's the opening up of China to US business,' Trump said.

In a surprising turn, the US and China have agreed to de-escalate their trade war, with the US significantly reducing tariffs on Chinese goods. Beijing responded by lowering its tariffs on US products.