President Donald Trump was ramping up another round of trade salvos with China, but now he appears to be looking for a way to back down and make nice, wrote the conservative Wall Street Journal editorial board — and the feeling looks mutual.
"After threatening additional 100% tariffs on Chinese imports starting Nov. 1, Trump in recent days spoke with senior officials, including Treasury Secretary Scott Bessent, about sending a message to the world that the U.S. wants to de-escalate trade tensions with China, according to people familiar with the matter," wrote the board, a frequent critic of Trump's tariff policies. "Trump’s 100% tariff threat Friday came after Beijing moved to impose restrictions on the export of rare-earth minerals."
It's easy to see why things are coming back from the brink, the board noted — both countries have their own economies to worry about.
"Trump’s desire to de-escalate comes as both nations privately expressed desire to quell tensions, at least for now, in their current trade dispute — the latest in a cycle of flare-up and de-escalation that has been in place since the beginning of Trump’s second term," wrote the board. "In this case, the Chinese are eager to save a summit between Trump and Xi expected later this month, while Trump’s team wants to stem losses in the stock market and avoid a public diversion from his Middle East peace deal, which they have groused about being overshadowed by the latest trade flare-up."
In the face of tension, the board wrote, "Trump, Bessent and other senior advisers agreed last week to give priority to stabilizing global markets, while trying to avoid an immediate escalation with China."
There are still a number of kinks to work out before declaring everything resolved, however, the board concluded.
"Despite Beijing’s conciliatory signals ... people close to the Trump administration say the U.S. side likely will demand that China rescind, not merely delay or water down the rare-earth export rule," they wrote. "U.S. firms that do business in China are hopeful that both sides will avoid another round of triple-digit tariffs."