They called a truce, kicked the can down the road, 90 days to be exact, and hopefully will officially agree on something that looks like what was just announced: A tariff regime that is essentially the same as what it was before Liberation Day of April 2, plus a recognition that China can’t keep playing dirty on trade practices. A US economy teetering and markets in turmoil because of a self-inflicted trade war is why Bessent has been basically capitulating every day after we were liberated, first to craft deals with the world, and then to open a dialogue with China. China, meanwhile, needs us to buy their cheap goods, and we need them to supply us with cheap goods, buy our farm products and importantly our debt that keeps our $30 trillion economy from falling off the fiscal cliff until we can start cutting back on spending.
Author: Charles Gasparino
Published at: 2025-05-12 22:18:58
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