New Delhi, Oct. 31 -- Thursday's high-stakes meeting between US President Donald Trump and his Chinese counterpart Xi Jinping ended without the two leaders signing on a dotted line. But the two sides did agree on a one-year truce, offering mutual concessions that would be reviewed annually.

The US will lower its tariff on imports from China to 47% from 57% and hold off action against companies under Chinese equity control. Beijing has reportedly agreed to defer its clamps on rare-earth exports and promised to buy soybean from America.

To be sure, the details are hazy, with Trump sounding cheerful about a trade deal in the offing while Xi gave away little about what he made of the talks. Since the US president is given to overstating his...