Geopolitics
High stakes
A delegation from the US, headed by deputy trade representative Jeffrey Gerrish, is in Beijing for two days of talks in the hope of defusing the trade-war bomb that Donald Trump ignited last year. After both China and the US imposed $300bn worth of tariffs on one another’s goods, the world has watched market reactions, fearing a hit on the global economy. While the tariffs have left China smarting, in recent weeks the damage has been felt more sharply in the US: American stocks ended 2018 at their lowest point since the 2008 financial crisis. The meeting in Beijing (Trump and Xi Jinping agreed to a truce of sorts on the sidelines of December’s G20 summit in Argentina) ought to be keenly welcomed by both sides.