FT News Briefing The stage is set for high-stakes Trump-Xi meeting
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Oct 27, 2025 
James Politi, Washington bureau chief for the Financial Times, and Miles McCormick, US economics correspondent, dive into the high-stakes meeting between Trump and Xi. Politi discusses the significance of the emerging U.S.-China framework, highlighting key trade elements. McCormick sheds light on rising inflation and how the softening labor market is influencing Federal Reserve policies. The conversation also touches on the potential challenges in sustaining a U.S.-China truce and the complexities facing the Fed amid economic uncertainty.
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Precarious Truce Over Tariffs
- A preliminary framework may avert Trump's threatened 100% tariffs and buy time for talks between the US and China.
- James Politi warns the truce is precarious because deep structural disputes remain and could flare up again.
Deal Focuses On Farms And Rare Earths
- The core of the deal centers on Chinese purchases of farm goods and delaying rare earth export restrictions.
- The US would pause its extra tariffs and extend the existing truce, but enforcement doubts persist.
Tour To Reset Regional Relationships
- Trump's Asia tour aims to repair ties damaged by earlier tariffs and prevent vacuums for China in the region.
- James Politi notes the trip seeks to reset relations, including cementing ties with Japan's new prime minister.