Liberal Forum

Blackvegetable » Today, 1:27 pm » wrote: ↑

Today, 1:27 pm

The Chinese make sport of punking this dumb bitch..

https://www.bloomberg.com/news/articles ... de-demands

After two days of high-stakes talks in Switzerland, trade negotiators from the world’s biggest economies announced Monday a massive de-escalation in tariffs. In a carefully coordinated joint statement, the US slashed duties on Chinese products to 30% from 145% for a 90-day period, while Beijing dropped its levy on most goods to 10%.

The dramatic reduction exceeded expectations in China, and sent the dollar and stocks soaring — providing some much-needed market relief for Trump, who is facing pressure as inflation looks set to speed up at home. Chinese equities also surged.

The deal ended up meeting nearly all of Beijing’s core demands. The elevated “reciprocal” tariff for China, which Trump set at 34% on April 2, has been suspended — leaving America’s top rival with the same 10% rate that applies to the UK, a longtime ally. 

The US met Beijing’s call for a point person for talks by setting up a mechanism headed by Treasury Secretary Scott Bessent. And the two sides agreed to take “aggressive actions” to stem the flow of fentanyl, which could eventually lead to the elimination of the additional 20% tariff.

“This is arguably the best outcome that China could have hoped for — the US backed down,” said Trey McArver, co-founder of research firm Trivium China. “Going forward, this will make the Chinese side confident that they have leverage over the US in any negotiations.”

Top Chinese leadership doesn't answer to other stakeholders....fortunately Grifty must....

Unlike Grifty, Chinese leadership is seasoned, capable and pragmatic. It is why Markets are happy they are driving this train crash.