Commentary: A $30 Billion Opening Beneath a Still-High U.S. Tariff Wall

The U.S.-China summit in Washington in late September yielded what appears to be a major breakthrough: a $30 billion reciprocal tariff reduction arrangement. It is an undeniable sign of marginal easing in the U.S.-China trade relationship.

Yet, before markets celebrate the end of the trade war, a sobering reality check is in order. The fundamental architecture of Washington’s high-tariff wall remains entirely intact.