Trump-Xi meeting: Who has the upper hand? Could Trump go for a third term? Is the US eyeing its next Latin American target? Why is Trump tearing down parts of the White House? United States President Donald Trump and his Chinese counterpart Xi Jinping have agreed to a trade truce under which the US will ease tariffs and Beijing will restart imports of US soya beans, delay the introduction of export restrictions on some of its rare earth metals and intensify efforts to curb illegal fentanyl trafficking.

China will soon have a new Five Year Plan. Here's how they have changed the world so far China's top leaders are gathering in Beijing this week to decide on the country's key goals and aspirations for the rest of the decade. Every year or so, the country's highest political body, the Central Committee of the Chinese Communist Party, convenes for a week of meetings, also known as a Plenum. What it decides at this one will eventually form the basis of China's next Five Year Plan - the blueprint that the world's second largest economy will follow between 2026 and 2030. The full plan won't come until next year, but officials are likely to hint at its contents on Wednesday and have previously given more details within a week of that.

Chipmaker Nvidia set a fresh sales record in the second quarter, surpassing Wall Street expectations for its artificial intelligence chips. But shares of the chip giant still dropped 2.3% in after hours trading, in a sign that investors' worries of an AI bubble and the repercussions of Donald Trump's trade wars are not quelled. Nvidia's financial report was the first test of investor appetite since last week's mass AI-stock selloff, when several tech stocks saw shares tumble last week amid growing questions over whether AI-driven companies are being overvalued. On Wednesday, Nvidia reported an adjusted earnings per share of 1.08 on 46.74bn in revenue, surpassing Wall Street's projection of 1.01 in earnings per share on 46.05bn in revenue, according to Fact Set data. But investors had high expectations for the company.

World economic and finance chiefs want an off-ramp from the worst global trade crisis in a century. Washington makes for a turbulent backdrop to the spring meetings of the International Monetary Fund and World Bank, headquartered in the U.S. capital as anchors of America's economic and financial clout. President Donald Trump's tariff war hasn't just roiled markets and raised recession fears: it's also called into question U.S. economic and security leadership -- a pillar of the post-World War II global order -- like never before. The stage is set for "one of the most stark and dramatic meetings I can think of in recent history," says Josh Lipsky, senior director of the GeoEconomics Center at the Atlantic Council and former IMF adviser. "You have at this moment a deep challenge to the multilateral rules-based system which the U.S. helped build."

As thousands of delegates from across China arrive in Beijing this week to participate in the annual parliamentary session, there is a barely perceptible shift in the mood in the capital. Though few ordinary Chinese pay much attention to goings-on inside the Great Hall of the People, the imposing 1950s modernist building that flanks the western edge of Tiananmen Square, the ripple effects of this week's conclave can be felt across the city. Extra uniformed personnel have been deployed to stand guard on Beijing's bridges – lest anyone attempt a stunt inspired by Peng Lifa's protest at Sitong Bridge ahead of the 20th party congress in 2022. Virtual private networks – apps used to tunnel through the firewall of internet censorship – slow down, as the authorities try to tighten their grip on the exchange of information with the outside world. It is imperative to the Communist party that the parallel sessions of the "Chinese People's Political Consultative Conference", an advisory body, and the National People's Congress (NPC), China's rubber-stamp parliament, run smoothly.

President Xi Jinping's embrace of Chinese tech bosses in a rare public meeting is fueling hope Beijing is shifting its stance to give the private sector a freer hand as it fights a trade war with U.S. President Donald Trump. Four years after launching a regulatory crackdown that plunged the tech sector into turmoil, China's top leader sat down publicly for the first time with Alibaba co-founder Jack Ma, whose firm bore the brunt of that campaign. Also on the guest list Monday were rising stars from robotics start-up Unitree, electric car giant BYD and AI newcomer DeepSeek -- firms rolling out world-beating innovations despite U.S. export controls. While a similar show of support from Xi in 2018 proved fleeting, developing national tech champions is core to Beijing's plan for boosting the economy as it deflates a bubble in the property market that once drove about a quarter of growth. Underscoring the importance of spurring innovation, high-tech industries contributed to 15% of gross domestic product last year and are set to overtake the housing sector in 2026, according to Bloomberg Economics.

We propose a deep learning framework, DL-opt, designed to efficiently solve for optimal policies in quantifiable general equilibrium trade models. DL-opt integrates (i) a nested fixed point (NFXP) formulation of the optimization problem, (ii) automatic implicit differentiation to enhance gradient descent for solving unilateral optimal policies, and (iii) a best-response dynamics approach for finding Nash equilibria. Utilizing DL-opt, we solve for non-cooperative tariffs and industrial subsidies across 7 economies and 44 sectors, incorporating sectoral external economies of scale. Our quantitative analysis reveals significant sectoral heterogeneity in Nash policies: Nash industrial subsidies increase with scale elasticities, whereas Nash tariffs decrease with trade elasticities. Moreover, we show that global dual competition, involving both tariffs and industrial subsidies, results in lower tariffs and higher welfare outcomes compared to a global tariff war.

A number of big themes emerged from the World Economic Forum in the Swiss resort Davos. Here are five of most pressing questions that came to dominate this year's gathering of the global elite. Donald Trump's trade war with China – continued by his successor Joe Biden – has left relations between east and west at rock bottom. But with Covid and trade tensions halving Chinese growth last year to just 3% and western businesses such as Apple moving business out of the world's second-biggest economy, Beijing has hinted it may adopt a less-hostile approach. Vice-premier Liu He appeared on the main stage at Davos to assure foreign investors that after three years of Covid disruption, it was open for business.

Tianjin, China – At a factory in China's north, workers are busy testing an automated vehicle designed to move bulky items around industrial spaces, one of a new generation of robots Beijing wants to shift the country's manufacturing up the value chain. The robot's Tianjin-based maker has received tax breaks and government-guaranteed loans to build products that modernize China's vast factory sector and advance its technological expertise. "The government is paying great attention to the manufacturing sector and the real economy -- we can feel that," said Ren Zhiyong, general manager of Tianjin Langyu Robot Co. China is backing R&D efforts by high-tech manufacturers like Langyu, driven by an urgent desire to reduce reliance on imported technology and reinforce its dominance as a global factory power, even as it cracks down on other parts of the economy. Beijing's pivot puts the focus on advanced manufacturing, rather than the services sector, to steer the world's second-largest economy past the so-called "middle income trap", where countries lose productivity and stagnate in lower-value economic output.

Volvo Cars, a Swedish company that's owned by a Chinese billionaire and builds vehicles at a plant in the American South using crucial parts made in Mexico, is a poster child for how globally interconnected the auto industry became in an era of increasing free trade. When Volvo opened its factory in Charleston, S.C., in 2018 with ambitious plans to export cars to China, it was the pinnacle of a push to showcase its reemergence as a global brand with a manufacturing presence on three continents. Then the U.S.-China trade war forced Volvo to abandon its export plans. And this spring, as the coronavirus spread around the globe, the factory was plagued by a shortage of components and had to halt production three times. To make matters worse, U.S. car buyers' preferences have shifted rapidly toward sport utility vehicles and away from the sedans Volvo makes in Charleston.