While President Donald Trump and many of his allies have hailed the recent US–China trade truce as a victory, a top Fox Business reporter says the celebration is premature.
On Monday, Fox Business Senior Correspondent Charles Gasparino dismissed the idea that Trump had outmaneuvered China in the tariff standoff. In a series of posts on X, Gasparino noted that the 90-day freeze on escalating tariffs and temporary reductions by both countries reflect mutual retreat—not a clear win for Washington.
"Both sides blinked," Gasparino wrote. "I didn't say we won."
I didnt say we won... https://t.co/jjBLVVo4el
— Charles Gasparino (@CGasparino) May 12, 2025
The correspondent went further in a subsequent post, arguing that the administration's hardline approach backfired economically.
"Trump raised tariffs on the world, the markets—particularly the bond market, which we need to finance our debt—rebelled," Gasparino wrote. "Trump then was forced to back off. End of story."
BREAKING: Trump raised tariffs on the world, the markets, particularly the bond market -- which we need to finance our debt--rebelled. Trump then was forced to back off. End of story. Film at 11 of the president spinning this as a major victory. Ok sorry, I couldnt help myself....
— Charles Gasparino (@CGasparino) May 12, 2025
Gasparino pointed to the broader economic vulnerabilities underlying the U.S. position, including the budget deficit and its impact on trade. He warned that the country's dependence on debt financing and cheap imports, particularly from China, gives Beijing significant leverage.
"We have a weak negotiating hand here," Gasparino said in April. "We're almost in a recession. We have markets that are on edge."
I guess the notion that tariffs will pay down the deficit and for the tax cuts is off the table
— Charles Gasparino (@CGasparino) May 12, 2025
The White House has continued to present the deal as a key diplomatic win, but critics say the pause only underscores how reliant U.S. economic stability remains on global exports.
"You can't go to a trade war with the world without bad stuff happening," Gasparino emphasized.
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