Personally speaking I’m glad the US and China have done some negotiating at this time, while keeping in mind this is only a 90 day pause. Trump initiated this tariff war. So far he’s coming out on the losing end of it.
Guardian
A spokesperson for China’s ministry of commerce said: “This move meets the expectations of producers and consumers in both countries, as well as the interests of both nations and the common interest of the world.
“We hope that the US side will, based on this meeting, continue to move forward in the same direction with China, completely correct the erroneous practice of unilateral tariff hikes, and continually strengthen mutually beneficial cooperation.”
Wang Wen, the head of the Chongyang Institute for Financial Studies at Renmin University in Beijing, said: “This is an unexpected achievement in Sino-US tariff negotiations.”
However, Wang also urged caution, as he said the agreement “does not represent the resolution of the structural contradictions between China and the United States, nor does it mean that there will be no friction and serious differences between China and the United States in the future”.
https://www.rawstory.com/china-us-tariff-deal
Mr. Bessent said the tariffs had effectively created an embargo, something neither side wanted. (So, why did Trump start the tariff war? Did he overplay his hand?) The two countries said that ongoing negotiations will involve Mr. Bessent, Mr. Greer and He Lifeng, China’s vice premier for economic policy, who led the weekend talks for the Chinese.
In a research note, Mark Williams, chief Asia economist for Capital Economics, said the agreement was “another substantial retreat from the Trump administration’s aggressive stance,” because it does not include any commitments by China on its currency or trade imbalances. He also noted that there is no guarantee that a 90-day truce will give way to a lasting agreement, especially if the United States continues trying to rally other countries to limit trade with China.
This could explain some of Trump’s hostility towards Canada. An attempt to limit trade with China.
In a joint statement, the countries said they would suspend their respective tariffs for 90 days and continue negotiations they started this weekend. Under the agreement, the United States would reduce the tariff on Chinese imports to 30 percent from its current 145 percent, while China would lower its import duty on American goods to 10 percent from 125 percent.
The agreement, for now, breaks an impasse that had brought much trade between China and the United States to a halt. Many American businesses had suspended orders, holding out hope that the two countries could strike a deal to lower the tariff rates. Economists have warned that the trade dispute will slow global growth, fuel inflation and create product shortages, potentially tipping the United States into a recession.
Zhiwei Zhang, the president and chief economist of Pinpoint Asset Management, an investment firm in Hong Kong, called the agreement a “good starting point” for both countries.
From China’s perspective, the outcome of this meeting is a success, as China took a tough stance on the U.S. threat of high tariffs and eventually managed to get the tariffs down significantly without making concessions,” he said.Before the weekend trade discussions, Mr. Trump seemed to extend an olive branch by suggesting he would be open to lowering the tariffs to 80 percent. He wrote on Truth Social on Saturday that the talks were a breakthrough: “A total reset negotiated in a friendly, but constructive, manner.”