In what will almost certainly be remembered as one of the most chaotic weeks for global markets in recent memory due to the unceasing flow of trade news, global stocks were back in risk-off mode Thursday after a seemingly offhanded remark by President Trump during a MAGA rally last night doused the sense of optimism that had prevailed earlier in the day.

But with the Chinese delegation having arrived in Washington, more reports published late Wednesday and early Thursday have offered new insights into why Beijing decided to play hardball, and how Washington is planning to show that it means business while stopping short of torpedoing any accumulated goodwill with new tariffs.

Though paperwork filed by the Trade Representative's office on Wednesday suggests that tariffs will almost certainly rise on Friday, the administration has apparently come up with an important caveat that could allow negotiators more time: The new tariff rates won't apply to goods already in transit, which would give negotiators up to a month to work out a deal before the new rates take effect, according to the FT.