Xi Defiance Pays Off as Trump Meets Most China Trade Demands (2)

Xi Jinping’s decision to stand his ground against Donald Trump could hardly have gone any better for the Chinese leader.

After two days of high-stakes talks in Switzerland, trade negotiators from the world’s biggest economies announced Monday a massive de-escalation in tariffs. In a carefully coordinated joint statement, the US slashed duties on Chinese products to 30% from 145% for a 90-day period, while Beijing dropped its levy on most goods to 10%.

The dramatic reduction exceeded expectations in China, and sent the dollar and stocks soaring — providing some much-needed market relief for Trump, who is facing pressure ...