You’re gonna get tired of win-win cooperation

China, the US, pharmaceuticals, India, Pakistan, Ukraine, Russia, and the Middle East.

Mission Accomplished, Robert Benney, 1944, detail of advertisement for the Electric Boat Company, New York.

The five things you need to know today:

• CHINA. UNITED STATES. Beijing helps Washington to sell a mistake.

• PHARMACEUTICALS. Trump’s cure could be worse than the disease.

• INDIA. PAKISTAN. In announcing a truce, the US may damage a partnership.

• UKRAINE. RUSSIA. By sidestepping a ceasefire, peace might move forward.

• THE MIDDLE EAST. The Gulf eyes a reverse-Abraham.

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CHINA. UNITED STATES. Mission accomplice

Beijing helps Washington to sell a mistake.

China and the US announced they would cut reciprocal tariffs from 125% to 10% for 90 days early Monday. The US would retain its 20% “fentanyl” tariffs on all Chinese goods plus separate 25% “section 232” rates on steel, autos and aluminium.

INTELLIGENCE. The deal looks like a breakthrough, but it's a temporary return to status quo ante. Despite calling it a “total reset”, few of Donald Trump's objectives have been achieved. Instead, US firms have another three months of uncertainty in the lead up to Christmas (stockpiling is to be expected). Walmart reports earnings this week and how it frames its forward outlook may provide more useful guidance than anything on the president's Truth Social handle.

FOR BUSINESS. After a tepid day in Asian markets stocks have had a late rally. Futures point to a strong US open. On the surface, US goods can enter China taxed at half the earlier rate, but whether this holds will depend largely on what the US does going forward in terms of its 232 and fentanyl duties. And this gets to the nub of the dilemma: does Trump want freer trade with China, a lower goods deficit, a stronger US manufacturing sector, or something else?

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PHARMACEUTICALS. Without fear or favour

Trump’s cure could be worse than the disease.

Donald Trump said Sunday he would order a cut in pharmaceutical prices to "most favoured nation" reference levels. The order is expected to go beyond the drugs that were subject to Medicare negotiation in the Inflation Reduction Act.

INTELLIGENCE. Going after Big Pharma is good politics, but pressure on the sector’s share prices could undo much of the tariff rally Trump