[WATCH LIVE] US President Trump to deliver remarks alongside Chinese President Xi

Joint remarks by sitting US and Chinese leaders sit in a category where the prepared text matters less than the framing around it: past encounters of this kind have moved risk assets on tone and choreography rather than on deliverables, with joint appearances of this sort historically signalling a truce phase rather than a structural resolution. The established sequence is a risk-on response into the event on hopes for de-escalation on trade and tariffs, followed by a fade or an extension depending on whether concrete measures are named, since vague communiques on dialogue have tended to unwind within sessions while announced tariff pauses or purchase commitments have held longer. The channels to watch are the trade-sensitive crosses and sectors: CNH and the Asia FX complex first, then the Australian and New Zealand dollars as proxies, and equities through the exporter-heavy indices rather than the broad benchmarks. Energy and industrial commodities respond to any read on Chinese demand commitments, gold to the safe-haven give-back if the tone is conciliatory. The tells are whether anything quantifiable is announced, whether working-level follow-up meetings are scheduled, and how state media on each side characterises the exchange afterward, since divergent readouts have historically been the first sign that an apparent thaw will not hold.