David Marchese

So while you were sleeping, Trump announced a pause on his so-called reciprocal tariffs everywhere except for China. And you cover China for The New York Times. You've been following the standoff between the United States and China very closely. Just to start off, were you surprised by the news when you woke up?

Right. China will now be subjected to sort of a staggering figure, 125 percent tariff. That number has just been going up and up and up. What is the state of play in this trade war at the moment? Like, what is China's appetite for negotiating right now?

Right. China will now be subjected to sort of a staggering figure, 125 percent tariff. That number has just been going up and up and up. What is the state of play in this trade war at the moment? Like, what is China's appetite for negotiating right now?

So basically, because China has all of their eggs in this export basket, so to speak, they're extremely vulnerable if all of those exports suddenly become much more expensive to export.

So basically, because China has all of their eggs in this export basket, so to speak, they're extremely vulnerable if all of those exports suddenly become much more expensive to export.

If a trade war is going to be so painful for China, potentially, why wouldn't they just be motivated to cut some kind of a deal? Like, even if it's a deal that is really just a victory in name only for President Trump, why would they not be motivated to give that to him?

If a trade war is going to be so painful for China, potentially, why wouldn't they just be motivated to cut some kind of a deal? Like, even if it's a deal that is really just a victory in name only for President Trump, why would they not be motivated to give that to him?

So it really feels like you have two leaders of two of the world's largest economic powers who both feel like they need to project power. They cannot back down. They cannot capitulate. Any deal that they strike would need to save face. And all of that seems like sort of a bad combination from the standpoint of trying to de-escalate and strike some kind of a deal that's productive for both sides.

So it really feels like you have two leaders of two of the world's largest economic powers who both feel like they need to project power. They cannot back down. They cannot capitulate. Any deal that they strike would need to save face. And all of that seems like sort of a bad combination from the standpoint of trying to de-escalate and strike some kind of a deal that's productive for both sides.

So I'm curious, David, what could they do here?

So I'm curious, David, what could they do here?

If both sides don't reach a deal and this whole thing does keep ratcheting up and escalating in the ways that we've already been seeing, what does that look like, just practically speaking, for both China and the United States?

If both sides don't reach a deal and this whole thing does keep ratcheting up and escalating in the ways that we've already been seeing, what does that look like, just practically speaking, for both China and the United States?

This is also interesting because it is so similar to the arguments that Trump has been making. Like both of these leaders feel like what's happening now could be better for each of their countries in the long term after some short term pain, short term pain, long term gain.

This is also interesting because it is so similar to the arguments that Trump has been making. Like both of these leaders feel like what's happening now could be better for each of their countries in the long term after some short term pain, short term pain, long term gain.

David, you've been watching this dynamic between China and the United States for years. And what we've seen in the last few weeks and obviously in the last 24 hours represents just a massive disruption to that relationship. And I'm just curious what you think is the most fundamental shift that all of this represents.

David, you've been watching this dynamic between China and the United States for years. And what we've seen in the last few weeks and obviously in the last 24 hours represents just a massive disruption to that relationship. And I'm just curious what you think is the most fundamental shift that all of this represents.

David, thank you so much.

David, thank you so much.

We'll be right back.