The G20 summit in Buenos Aires exceeded all expectations. No one thought Donald Trump had prepared for his dinner with Chinese President Xi Jinping, but somehow an agreement was hashed out that calls a 90-day truce to the trade war between the two countries. The planned tariff hike on Chinese goods from 10% to 25% will no longer happen on Jan. 1 as scheduled. Instead, a more normal set of trade negotiations will commence.
Why it matters: Score one for the globalists: This is a win for NEC Director Larry Kudlow and Treasury Secretary Steven Mnuchin; it's a loss for White House trade hawk Peter Navarro. But "90 days is a short time," says Axios' Jonathan Swan. "Trump has hedged and could easily reverse."