Big Take Podcast

The Winners and Losers of the Trump-Xi Tariff Truce

On today’s Big Take podcast, what the US and China gained in the latest trade agreement – and why time is on China’s side.

US President Donald Trump and China's President Xi Jinping arrive for talks at the Gimhae Air Base in Busan, South Korea on Oct. 30.Photographer: Andrew Caballero-Reynolds/AFP/Getty Images

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By David Gura and Rachael Lewis-Krisky

October 30, 2025 at 7:58 PM UTC

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On Thursday, President Donald Trump and President Xi Jinping of China announced a one-year truce in their trade war, capping six contentious months of negotiations and retaliatory tariffs between the world’s two largest economies.