China celebrates hard-line stance
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China, tariffs
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China’s percentage of U.S. trade hit 7.65% in March, the latest government data available, the lowest figure since 2003. That was before Trump's April 2 "Liberation Day."
China's new bank loans tumbled more than expected in April as a protracted trade war with the United States further eroded the market's appetite during a typically slow month for loan demand.
Both nations pledged to cut their broad, ballooning tariffs after weekend talks. US tariffs dropped to 30% from 145%, while China’s moved to 10% from 125%, per a joint statement
China’s big appetite for the small, green “happy nuts” drives nearly a third of the $3 billion U.S. crop, centered in California.
The U.S. agreed to cut tariffs on Chinese goods from 145% to 30%, while China committed to reduce tariffs on U.S. products from 125% to 10%. The lowered tariffs will remain in place for 90 days while the two sides negotiate a wider trade deal.
Trade experts anticipate a spike in trade during talks and a substantial deal, but the risk of inflation and economic slowdown may not be over.
CBIZ has launched a new tariff solution service aimed at helping businesses navigate the complexities of changing trade rules, particularly in light of ongoing US-China trade tensions.
Global hedge funds reaped limited gains from a big Wall Street stock rally triggered by a U.S.-China agreement on tariffs on Monday, a Morgan Stanley note on Tuesday showed.