President Trump’s deal to dramatically slash tariffs on China thrilled markets and offered a sliver of relief for businesses across the country. It also revealed an important lesson: Even Teflon Don can’t outrun economic reality. The deal in which both sides agreed to lower tariff rates by triple-digit percentages, came as anxiety mounted about a potential downturn in the US. …The agreement is an acknowledgment that a full-on economic divorce of the US and China would be too painful for both sides. …For U.S. corporations operating across borders, the de-escalation might offer some solace. But the remaining 30 percent tariff added to Chinese goods will cut heavily into profits — and be cost-prohibitive in some sectors. …One former Trump administration official said the meeting between the U.S. and China resulted from pressure on the White House from a variety of industries. …Beijing, too, was watching its economy falter.