Economist Podcasts Truce story: (a sketch of) a Trump-Xi trade deal
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Oct 31, 2025 
Jeremy Page, Chief China correspondent for The Economist, and Shashank Joshi, Defence editor, share insights into the recent trade truce between Trump and Xi. They discuss the deal's superficial agreement and the unresolved tensions such as TikTok and Taiwan. Shashank explores the booming private military contractor industry, citing examples from global conflicts and the motivations behind their rise. The conversation wraps up with a nod to the golden age of horror films, analyzing their popularity and the psychological appeal prompting audiences to embrace the genre.
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Truce Eases Tensions But Leaves Core Faults
- Trump and Xi agreed a one-year rollback and pause on many recent trade measures, reducing immediate escalation risk.
- The truce is limited and leaves core structural issues and high tariffs unresolved, so instability may persist.
Key Concessions Were Tactical, Not Structural
- China delayed export controls on rare earths for a year and the US postponed threatened tariffs, easing immediate market disruption.
- Yet neither side resolved semiconductor controls, investment rules, or the large remaining US tariffs on Chinese goods.
Asia Tour Built Leverage Beyond The Truce
- Trump used other Asia deals to build leverage: supply-chain pacts, semiconductor protections, and South Korea defense and investment agreements.
- These moves signal the US is preparing for prolonged strategic competition with China beyond the truce.
