The highest tariff wall between major economies since World War II.
145%
effective U.S. tariff on Chinese imports — the headline number Trump and Xi just walked past.
Trump and Xi met in Beijing with U.S. tariffs on Chinese goods at 145% and walked out with a communiqué of "constructive dialogue" and no timeline for anything. S&P futures sold off, oil rose on unresolved Hormuz risk, and the central question went unanswered: can Washington pry Beijing away from Tehran while it's buying 1.4 million barrels of Iranian oil a day?