The most anticipated and consequential meeting for world trade this year between US President Donald Trump and his Chinese counterpart Xi Jinping in South Korea on Thursday ended in a truce — a seemingly fragile one as the leaders of the two largest economies decided that the agreement will be up for renegotiations each year unlike standard World Trade Organization (WTO)-compliant trade deals that bring in long-term certainty.

While the US decided to pull back from the sharp tariff rhetoric, lowering duty on China to 47 per cent from 57 per cent in the backdrop of the 100 per cent tariff hike threats starting November 1, China agreed to resume purchases of US agricultural products, including soybeans and extended a one-year pause on sweeping curbs on rare earth elements that has had left

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