President Donald Trump on Friday accused China of “totally violating” a trade truce established earlier this month, sending jitters through global markets and casting doubt on the fragile détente between the world’s two largest economies. The accusation comes just weeks after both nations agreed to a 90-day de-escalation of their tariff war following talks in Switzerland.

The trade pact, announced on May 12 and effective May 14, saw the U.S. reduce tariffs on Chinese goods from a steep 145% to 30%. In return, China lowered its retaliatory tariffs on U.S. products from 125% to 10%. This agreement was intended to create a window for negotiating a more comprehensive and lasting trade deal.

However, the apparent calm was shattered Friday morning. “Because of this deal, everything quickly

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