"It’s all the president's decision," says his treasury secretary. World trade again hangs on the whims of one man, argues François Picard's panel after Donald Trump reversed course with a 90-day moratorium on most reciprocal tariffs, but increased import duties on China to 125 percent. Will it be enough to ease markets in the long run? After all, 10 percent universal tariffs on the rest of the world still apply. Who, between China and the United States, has the stamina to win this fight between the world's top manufacturer and its number one customer?
