In October, Donald Trump publicly presented his meeting with Chinese President Xi Jinping as a breakthrough and the beginning of a thaw in the protracted trade confrontation between the world’s two largest economies. The White House spoke of mutual concessions, China resumed selected purchases, and Washington suspended its most punitive tariff measures. Yet more than two months after the talks, none of the core elements of these understandings has been put into writing or formally confirmed by both sides. This has turned the announced trade truce into a set of blurred expectations, leaving businesses, markets, and US allies in a state of uncertainty and casting doubt on the prospects for a comprehensive trade deal in 2026.