The Art of the Deal – Trump Administration announces 90-day pause in China tariffs.
From here:
U.S., China drop high tariffs, agree to 90-day pause | Just The News
“The U.S. and China on Monday announced the details of a trade agreement reached over the weekend in which the countries vastly scale back their massive reciprocating tariffs for 90-days.”
“U.S. Trade Representative Jamieson Greer said the U.S. agreed to lower its 145% tariff rate on Chinese goods down to 30%, while China agreed to lower its tariff rate on U.S. goods from 125% to 10%, with each country dropping their respective rates by 115 percentage points, according to the Associated Press.”
So, there is that!
The US maintains 30% tariffs and China maintains 10%.
Is this the start of reconciling all the trade frictions on intellectual property rights and cheap (“slave”) labour, etc?
“The Chinese Commerce Ministry said that both sides agreed to cancel 91% in tariffs on each other’s goods and pause another 24% in tariffs for 90 days, resulting in a total reduction of 115 percentage points.”
US stock markets are up 2.5% to 3% and the US dollar and Treasuries are up a little over 1%.
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Onwards!!!