US President Trump welcomes Chinese President Xi to the White House; describes his relationship with Xi as "truly great"

The established pattern is that initial headlines of this tone lift risk sentiment broadly, with the transmission running through China-sensitive cyclicals and the offshore renminbi, and through the haven side in reverse: the yen, gold and the dollar index tend to fade as the tariff tail is priced out. The distinction worth drawing is between atmospherics and mechanism: a thaw that touches tariffs, export controls or agricultural purchase commitments reprices trade-exposed supply chains durably, while photo-op goodwill without a schedule of working-level talks has tended to decay within sessions. The tells are the joint statement, the composition of the delegations, and whether Treasury or trade officials are tasked with follow-up, since those have historically separated the summits that produced frameworks from those that produced only communiques. Until then the move is a positioning reset rather than a policy change.