In this week's summary of ratings views: The U.S.-China tariff de-escalation brings some relief to credit conditions. We expect the U.S. corporate default rate to fall to 4% by March 2026. Global infrastructure appears relatively resilient to tariff-related pressures. Also: tariffs and their impact on Mexican corporates, U.S. aerospace and defense companies, and China's carmakers; plus corporate defaults decline and our latest metal and coal price assumptions.