While we are still waiting for full details on what was agreed at the summit between Presidents Trump and Xi, it seems mostly just to have cemented the existing trade truce. This should ensure near-term stability in US-China ties. But underlying tensions remain unresolved. And the durability of this truce depends less on the warmth of the words exchanged by the two leaders than on the credibility of the deterrents they can wield against each other. The power of those deterrents is likely to erode over time.
Subscriber content
Read this in full, free
Start a free trial and use one of your 10 free starter credits to unlock this piece.
