Donald Trump and Xi Jinping have eased an escalating tariff war into a trade truce ahead of their planned summit, according to Firstpost and Modern Diplomacy.

Gold has drifted lower while the dollar has firmed on Fed rate-hike bets and summit-related geopolitics, according to FXStreet. XTB.com says the summit is unfolding amid continued geopolitical tension, not a clean resolution.

Why it matters: the truce eases the immediate tariff shock but leaves an unresolved contest in place. Washington and Beijing remain AI rivals even as both cite shared concerns about AI safety, per AP. Watch whether the summit produces anything durable or just a pause.