🚨BREAKING: US and China agreed to lower tariffs on each other for 90 days

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US cuts tariffs on Chinese goods to 30% from 145% (a base 10% plus 20% fentanyl duty) from May 14th.

China cuts tariffs on American goods to 10% from 125%.

Reductions do not include sectoral duties imposed on all US trading partners, and the tariffs applied on China during the first Trump administration remain in place.

Treasury Secretary Scott Bessent also said this morning that neither side wants to decouple.

As a reminder, in 2018, both sides also agreed to pause, but the US backed away from that, which led to more than 18 months of further tariffs and talks before signing a deal in January 2020.

Nevertheless, China failed to fulfill the purchase agreement included in that deal and the US trade deficit with China has widened even further.

This looks like a short-term relief for markets, but we need to be mindful that just one headline may reverse everything again.

Let’s also see how much damage the recent tariffs have done to the US economy and follow the economic data that is coming in May.

In other words, uncertainty remains high.

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