U.S. and Chinese officials said Monday they had reached a deal to roll back most of their recent tariffs and call a 90-day truce in their trade war for more talks on resolving their trade disputes.
The U.S. agreed to drop its 145% tariff rate on Chinese goods by 115 percentage points to 30%, while China agreed to lower its rate on U.S. goods by the same amount to 10%.
The damage has already been done. People have already decided not to buy, where not to buy and move toward austerity. Just like during covid, people don’t come back. Trump is an imbecile.
Also, it will take weeks for the whole process to get started again. Once deals are made, factories start production again, and containers are loaded onto ships, which will then take weeks to make it across the ocean. We’re talking months of supply chain shocks in the best possible case.