While Donald Trump hailed the outcome of trade talks in London, Xi Jinping walked away with an understated strategic gain: a negotiating process that buys China time and helps defuse the threat of more harmful tariffs and technology curbs.

U.S. President Donald Trump said on Wednesday he would be willing to extend a July 8 deadline for completing trade talks with countries before higher U.S. tariffs take effect, but did not believe that would be necessary.

US stock futures pulled back on Thursday as Wall Street assessed President Trump's evolving trade policy as well as softening inflation. On Wednesday, Trump said that he would send letters to trading partners within a week or two setting unilateral tariff rates.

The World Bank says tariffs will hurt global growth, estimating that the trade war will shave almost half a percentage point from world GDP growth this year.

Protests surrounding immigration enforcement actions in the Los Angeles area and the Trump administration's response to them have cued up a public spat between President Donald Trump and Gov.

Treasury Secretary Scott Bessent told Congress that it is "highly likely" that a pause related to steep new US tariffs on other countries will be extended for countries that are negotiating with the administration "in good faith.

"When you think about it, in the normal course, getting quietly to do a 10% tariff on everything from everywhere was a huge achievement," Wilbur Ross tells Fortune.