Trump signals possible tariff cuts on Chinese goods amid economic strain, but no talks with Xi are planned. Trade tensions persist, affecting manufacturing and prices globally.

After all, China has become less reliant on American consumers since Trump’s first trade war in 2018. Exports to the US accounted for just 15% of the total in 2024, versus 20% a decade earlier. The economy will shrink by only about 3%, even if the entire trading route to the US gets wiped out.