JPMorgan on Tuesday lowered its odds of a recession this year from 60% to below 50%, meaning the U.S. is more likely to grow in 2025 than enter a downturn. Similarly, Goldman Sachs reduced its chances of a recession this year from 45% to 35%.

I spent four and a half years living there in the mid-1970s during trade negotiations called the Tokyo Round, which set the table for the current negotiations by lowering tariffs on manufacturers. The tariff rates that Trump complains about now were agreed to at the Tokyo Round and a decade later as part of the most-favored-nation round.

On the sidelines of the gathering, U.S. Trade Representative Jamieson Greer is scheduled to hold a bilateral meeting with his South Korean counterpart, three weeks after their opening round of trade talks in Washington, D.C., and his first face-to-face meeting with New Zealand, as well as with other Asian countries.

Donald Trump may have temporarily paused his trade war with China and other countries. But the extreme economic uncertainty unleashed by the president’s tariffs still raises the question of what, if anything,

The Trump administration agreed after talks in Switzerland to pare back its 145 percent in tariffs charged on imports from China to 30 percent.