Far from a grand bargain, the US-China trade deal rolls back President Donald Trump’s post-Liberation Day tariff spiral—which peaked at 145%—to pre-April levels. This will avert empty US shelves, but leaves underlying tensions unresolved. In this emergency room episode, Mark Leonard welcomes Janka Oertel, head of ECFR’s Asia programme, to dissect the recent de-escalation, which the parties agreed this week in Geneva. The conversation explores who holds the upper hand, the prospects for a 90-day negotiation period, and the broader clash between deal-making instincts and systemic rivalry. For Europe, caught between US pressure and a less desperate China, the stakes are high as it navigates an upcoming EU-China summit. Is this a fleeting truce or a sign of deeper shifts in global trade?This episode was recorded on May 14. Hosted on Acast. See acast.com/privacy for more information.

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