No deal yet between the US and China, but it does seem that both sides recognise that they do indeed need a deal and that neither side will emerge unscathed if relations deteriorate. Whether President Trump also understands this remains to be seen, however.
Tariffs
As we published our July brief US and Chinese officials, led by Treasury Secretary Scott Bessent, and Vice Premier He Lifeng, were engaged in discussions in Stockholm, Sweden. The outcome was an agreement to extend the truce by a further 90-days, commencing 11th August, therefore ending 10th November. In the interim US tariffs on the majority of Chinese goods will remain capped at 30%, and Chinese tariffs on the majority of US goods will remain at 10%. That said, on 1st August the US imposed a 50% tariff on a selection of unfinished copper products, whilst China continues to keep a firm grip on the export of rare earths products to the US, a policy that it implemented in April and which remains a crucial bargaining chip. On...
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