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Donald Trump has gone all 'Zack Morris' on additional tariffs on Chinese goods slated to begin on March 1st. Via an announcement on Twitter, to no one’s surprise, Donnie reported that substantial progress had been made with China regarding "intellectual property protection, technology transfer, agriculture, services, currency, and many other issues."
The trade talks were initially supposed to end on Friday, but like any good bender continued well into the weekend as momentum continued to trend positively. Negotiators have warned that it’s still early for celebration, as a deal has yet to be finalized, but as of now, it appears markets have been justified in their premature celebration of a deal.
According to Secretary Mnuchin during the latest round of talks, a currency provision was agreed upon that would stabilize the value of the yuan. And DJT confirmed that he will be hosting Chinese President Xi Jinping later in March to discuss steps to move forward at his Mar-a-Lago golf club.
Are the current tariffs working?
The hold on additional tariffs is good news for US businesses. Currently, the 10% tariff rate on Chinese goods is costing American businesses and consumers upwards of $2B per month.
Trump Extends China Tariff Deadline After ‘Substantial’ Progress [Bloomberg]
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