U.S. and China agree to slash tariffs on $30 billion of each other’s goods after Trump-Xi summit
The summit between Donald Trump and Xi Jinping produced a tariff arrangement covering $30 billion of goods in each direction, with China’s Foreign Ministry announcing the reciprocal deal on Saturday. The same meeting also produced a new super intelligence dialogue and a separate consensus on favorable tariff treatment for $30 billion of non-sensitive goods in each direction.
What this rests on
What it means
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Businesses trading those goods, and the officials handling them, will notice the tariff shift first because the agreement covers $30 billion of each country’s goods. The super intelligence dialogue also gives both governments a new channel to use after the summit, alongside the trade provisions already announced.
Before this meeting, the broad tariff cut had not been announced in the second report, while the first report describes a reciprocal tariff deal already announced by China’s Foreign Ministry. In practice, the action described is a narrower tariff arrangement for non-sensitive goods and a separate tariff deal within a larger eight-point accord, rather than a single broad reduction. (per cryptopolitan.com)
Market reaction
The move was larger before the first headline than after. That is an observation, not an explanation: the market also moves on things nobody publishes.
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Has this happened before?
Nothing comparable yet.