Summers said China didn't make any consequential or significant change in its policies and that it was the U.S. that made a retreat from its extreme tariff policy.
This would mean the combined 145% tariffs on Chinese imports will be reduced to 10% by May 14, while the 20% duties related to fentanyl will stay in place.
China’s spokesperson said if the U.S. wants to talk, it has to show sincerity and be prepared to correct its wrong practices and cancel the unilateral tariffs.
Markets grabbed a tactical lifeline last week as the White House pulled back from the brink. The market’s stopped panicking, but it hasn’t started trusting.
JPMorgan's equity strategy: China trade deal, tax cuts, and deregulation may ease tariff concerns, but caution still advised for investors. Buy SPY, QQQ, USMV for upside potential.
Ethane — used generously by Chinese plastic manufacturers, medical equipment — and aircraft leases were reportedly considered for import relief by China.
The world's second-largest economy also cautioned that once international trade returns to the "law of [the] jungle," no one will be immune, and the "strong will prey on the weak."
U.S.-listed Chinese stocks like Alibaba, JD.com, and PDD Holdings may soon face delisting risks due to escalating trade tensions and new policy guidance.
Li Chenggang was appointed as the country's international trade negotiation representative and as the Vice Minister of the Ministry of Commerce, replacing Wang Shouwen
The exemption sweep covering smartphones, laptops, and chips gives Big Tech a 90-day breather. Markets, whipsawed by tariff roulette and headline whiplash, needed it.
