Is this new 90-day trade agreement with China a nothingburger?
It seems to me that Trump and Xi were playing to their populations with this so-called agreement.
In 90 days, are we going to be right back to where we were last week, antagonizing (and being antagonized by) the Chinese?
Did anything actually change?
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I don’t think it’s a nothingburger (funny word), but rather negotiations. To be very honest, this could be extremely important to the US.
To summarize:
China and the United States agreed to halt additional tariffs in a deal that keeps their trade war from escalating as the two sides try again to bridge their differences with fresh talks aimed at reaching an agreement within 90 days.
The White House said on Saturday that President Donald Trump told Chinese President Xi Jinping during high-stakes talks in Argentina that he would not boost tariffs on $200 billion of Chinese goods to 25 percent on Jan. 1 as previously announced.
Beijing for its part agreed to buy an unspecified but “very substantial” amount of agricultural, energy, industrial and other products, the White House said in a statement.
The two sides would also launch new trade talks to address issues including technology transfer, intellectual property, non-tariff barriers, cyber theft and agriculture, it said.
If no deal is reached within 90 days, both parties agreed that the 10 percent tariffs will be raised to 25 percent, the White House said.
Trump got played again, as he has been for the last 19 months.
Vocabulary lesson: an article giving the background of the word ‘nothingburger’.
Just like North Korea. Lots of talk but no action. The good news is that there is a postponement of further tariff increases on Chinese goods along with retaliatory tariff increases on American goods. That made the stock market very happy.
RE: The markets reaction yesterday vs.today:
Dampened momentum may be partly a function of skepticism about ability of US and China to reach a more comprehensive deal during current 90-day truce. Press highlighted differences in the official announcements from both sides and complexity of deeper structural issues. – morning market recap from FactSet.
Looks like I was right !!! Nothingburger it is!
As of today it seems to have become a nothingburger without cheese!!! It seems that trump is backing out of the deal that he’s claimed to have engineered. On top of that…surprise…China denies that they ever agreed to a 90 day anything.
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