Business

The economy

Trade wars

Opinion

Stephen Bartholomeusz Senior business columnist November 3, 2025 — 11.57am

Donald Trump’s trade wars started with an attempt to address perceived trade imbalances with China and defend America’s tech supremacy. After this year’s on-again, off-again trade hostilities, what has he achieved?

After last week’s trade truce, which was finalised at a face-to-face meeting between Trump and China’s Xi Jinping, Trump declared the outcome “truly great” and rated it 12 out of 10 .

The reality, however, didn’t live up to that billing, and in a confrontation that dates back to Trump’s first days in office in his second term, it essentially takes the relationship back almost to where it stood when Joe Biden left the White House.

The escalation of Tr

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