Trump weighs 7.5% China tariff tied to low-cost exports, seeks to protect trade truce and Xi summit plans

Reports that President Trump is preparing a new 7.5% tariff on China-linked cheap exports revive incremental trade-policy uncertainty while signaling an effort to preserve the broader truce and an upcoming Xi summit. Even a targeted tariff can tighten global risk conditions, pressure trade-sensitive sectors, and support safe-haven positioning. Near-term market focus shifts to implementation scope, retaliation risk, and implications for inflation and Fed policy expectations.