Trump, in a major concession, says the tariff on China should be 80% — but will leave it up to Bessent

In a surprising turn of events, President Trump has announced a major concession in the ongoing trade war with China. After marathon negotiations in Geneva, Switzerland, the United States and China have agreed to drastically roll back tariffs on each other’s goods for a 90-day period.

This breakthrough has not only de-escalated the trade war but has also buoyed global markets. Dow futures jumped 2%, S&P 500 futures rose nearly 3%, and the tech-heavy Nasdaq Composite futures went up more than 3.5% during Asian trading. Asian markets were also higher, with the Hang Seng index ending about 3% higher.

Trump’s decision to reduce the tariff on China to 80% is seen as a significant step towards a sustainable and mutually beneficial economic and trade relationship between the two countries. The mutual tariff revisions are set to be imposed by May 14, with the exception of Trump’s 20% fentanyl-related levies on China which will remain in place.

However, despite this progress, the trade war has already taken its toll. Price hikes are beginning to take effect, with analysts predicting a doubling of inflation to 4% by the end of the year. The reduction in shipments from China has been seen as a positive by Trump, suggesting that the United States is no longer losing money due to the trade deficit.

Both Trump and Bessent have acknowledged that the high tariffs on China are unsustainable and are in need of reduction. While the damage may not be immediately reversed, this concession is a step in the right direction towards a more stable and mutually beneficial trade relationship between the United States and

Ghanaflare.com