The Aga Khan, known for his triumphs in horse racing, dazzling wealth and development work around the world, has died in Lisbon at the age of 88, according to the Aga Khan Development Network on X.

The past 48 hours of tariff policies have stunned markets and boardrooms across the world.

In the context of China’s broader challenges, this all makes sense. Its economy is struggling. Its leaders want to avoid US tariffs. These responses make Beijing look tough to its domestic audience and give it some leverage in potential negotiations, while not overreaching. From Tianlei Huang at the Peterson Institute:

The world’s two biggest economies did not strike a deal before a deadline. President Trump halted tariffs on Mexico and Canada but did not do so for China.