Larry Summers said the best thing about the Trump-Xi meeting was that it 'didn't spiral out of control'

"I think the most important thing is what didn't happen,"

"This situation didn't spiral out of control into massive confrontation and economic conflict."

"It was managed in a way that avoided what potentially could have been very unfortunate and destabilizing outcomes, and that's the good news, I think it genuinely is good news,"

"But this is a book that's got many chapters, and we are still in the early chapters,"

The Trump-Xi meeting in Busan avoided major confrontation and produced a tariff truce, agreements on agriculture and rare earth minerals, and cooperation on fentanyl. Trump halved 20% tariffs on Chinese goods linked to fentanyl production after Xi agreed to a firmer curb on the drug flow into the United States. China agreed to buy US soybeans, sorghum and other agricultural goods and to export rare earth minerals to the US. Several topics, including technology and rising competition in artificial intelligence, were not broached during the meeting. Markets remained largely stable afterward. The White House said it would maintain reciprocal tariffs.

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