China has seemingly called Donald Trump’s bluff on tariffs, to the delight of markets

The trade war between the US and China isn’t fully over, but a deal between the two sides to slash reciprocal tariffs is a major capitulation from Donald Trump. After ratcheting up tariffs on Chinese imports to an astonishing 145 per cent, he’s now agreed to drop them to 30 per cent. Trump had long claimed America holds the whip hand in negotiations, luridly stating countries are “kissing my arse” to secure trade deals. He had gone as far as to assert the world’s biggest economy didn’t even need to trade with other countries — that it could produce everything…