The temporary lifting of triple-digit trade levies between China and the U.S. while trade talks get under way removes the threat of an immediate stagflationary hit to the economy. This is very good news.

White House officials indicated they were eager to negotiate, even as they insisted the U.S. would not unilaterally lower the duties without concessions from the Chinese.

Global markets are rallying on optimism over Washington and Beijing reaching a major, if temporary, détente in their tariff fight.