Stocks rallied Monday after China and the United States announced a 90-day truce in their trade war.
U.S. and Chinese officials said Monday they had reached a deal to roll back most of their recent tariffs and call a 90-day truce in their trade war to allow for more talks on resolving their trade disputes.
President Donald Trump on Friday floated cutting tariffs on China from 145% to 80% ahead of a weekend meeting among top U.S. and Chinese trade officials as he looks to deescalate the trade war between the world’s two largest economies.
The U.S. economy shrank at a 0.3% annual pace from January through March, the first drop in three years, as President Donald Trump’s trade wars disrupted business.
China’s leaders are downplaying the potential impact from U.S. President Donald Trump’s trade war, saying they have the capacity to protect jobs and limit damage from higher tariffs on Chinese exports.
The U.S. is planning to impose new port fees on Chinese ships.
U.S. stocks fell Wednesday after Nvidia warned new restrictions on exports to China will chisel billions of dollars off its results, while companies around the world said President Donald Trump’s trade war is clouding forecasts for how they and the economy will do this year.
President Donald Trump on Wednesday inserted himself directly into trade talks with Japanese officials, a sign of the high stakes for the United States after its tariffs rattled the economy and caused the administration to assure the public that it would quickly reach deals.
The Trump administration has taken its next steps toward imposing more tariffs on key imports, launching investigations into imports of computer chips, chip making equipment and pharmaceuticals.
China’s leader Xi Jinping said no one wins in a trade war as he kicked off a diplomatic tour of Southeast Asia on Monday, presenting China as a force for stability in contrast with U.S. President Donald Trump’s latest moves on tariffs.
