Can't Trust The Mad King

I suppose if Trump genuinely moves beyond his tariff fetish then things could go back to "normal," but I suspect the damage is done. If he'd just announced 25% tariffs across the board, or whatever, that might not have been great but it wouldn't have upset the world order. But tariffs can't be a daily random number depending on whims, combined with "negotiations" without specific demands.

US President Donald Trump has signaled a potential U-turn on his trade war with China, saying the high tariffs on Chinese goods will “come down substantially, but it won’t be zero.”

Trump’s remarks, made at a White House news event Tuesday, appear to mark a rhetorical climbdown after weeks of tough posturing and tit-for-tat retaliation that sent tariffs on China beyond a staggering 145%.

There's a decent chance China responds to this by keeping much of their retaliation in place, and it almost certainly will continue to reorient their economy away from the US.

Also, half - down to 50-65% - ain't gonna do it.

The Trump administration is considering slashing its steep tariffs on Chinese imports—in some cases by more than half—in a bid to de-escalate tensions with Beijing that have roiled global trade and investment, according to people familiar with the matter.

President Trump hasn’t made a final determination, the people said, adding that the discussions remain fluid and several options are on the table.