Michael Pillsbury discusses the state of trade negotiations between the U.S. and China. He speaks with Bloomberg's David Westin on Bloomberg Markets: Balance of Power.

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President Donald Trump shakes hands with President of the European Commission Ursula von der Leyen as he announces a trade deal with the EU at Trump Turnberry golf club on July 27, 2025, in Turnberry, Scotland. (Andrew Harnik via Getty Images)