Donald Trump gave Xi Jinping the full state-visit treatment in Washington, but markets were more interested in what the two leaders did not deliver. After three days of ceremony, an unusually warm presidential welcome and repeated pledges to stabilize relations between the world's two largest economies, the main economic outcome was a two-month extension of the existing U.S.-China trade truce, pushing its expiration from November 10 to January 10, 2027. That averted an immediate return to escalation, but fell short of the longer runway many investors…

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