China has won the trade war with Trump
This weekend, the United States struck a deal with China that will see American tariffs on Beijing's exports come back down to manageable levels again, while China will lower its levies on imports from the US. The giant container ports on both sides of the Pacific can now be re-opened. The factories across China can get back to work, and Wal-Mart and Target can start placing orders again. The global economy can start moving once more – but significantly, it will very quickly become clear who has won the tariff war: China.
The deal that was announced this morning in Switzerland, where negotiations took place, by the US Treasury Secretary Scott Bessant appears very simple. The US will reduce its tariffs on Chinese imports from 145 per cent to 30 per cent, while China will cut its from 125 per cent to just 10 per cent. For now, it is just a 90-day pause, but it already looks likely that over the next three months a more permanent agreement will be worked out.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
North Wales Chronicle
29 minutes ago
- North Wales Chronicle
Rangers appoint new boss Russell Martin on three-year contract
The 39-year-old former MK Dons, Swansea and Southampton boss has signed a three-year contract. He will be joined at Ibrox by assistant head coach Matt Gill and performance coach Rhys Owen. ✍️ Our new Head Coach, Russell Martin. — Rangers Football Club (@RangersFC) June 5, 2025 Martin guided Southampton to promotion to the Premier League last year but was sacked in December following one win from their first 16 games. Rangers finished last season under the caretaker management of former captain Barry Ferguson, having dismissed Philippe Clement in February. Ex-Scotland defender Martin, who had a short loan spell as a player at Rangers in 2018, is tasked with wrestling power back from the other side of Glasgow after Celtic's stranglehold on Scottish football continued with a 13th William Hill Premiership title in 14 seasons. 'From my time here, I had a taste of how special this club is, the expectation, the passion and the history,' he told the club's website. 'Now, as I return, I'm determined to bring success back, for the supporters, the players, and everyone inside this club. 'There's a lot to be done, but the goal is clear: win matches, win trophies and give Rangers fans a team that they can be proud of.' ✍️ We are delighted to confirm the appointment of Russell Martin as Head Coach of our men's first team on a three-year deal. Full Details ⬇️ — Rangers Football Club (@RangersFC) June 5, 2025 Martin's arrival is the latest in a series of major changes at the club. An American consortium led by Andrew Cavenagh and 49ers Enterprises secured a majority shareholding on Friday, while new sporting director Kevin Thelwell officially began work on Monday. Rangers chief executive Patrick Stewart, who led the recruitment process alongside Thelwell, said: 'Our criteria for our next coach were clear: we wanted a coach who will excel in terms of how we want to play, improve our culture, develop our squad, and ultimately win matches. Russell was the standout candidate.'
North Wales Chronicle
29 minutes ago
- North Wales Chronicle
Russian strike kills five, including toddler, hours after Trump calls Putin
Six drones hit a residential area in the city at 5.30am local time, according to authorities. The child killed was the grandson of an emergency responder, Ukrainian President Volodymyr Zelensky said. 'One of the rescuers arrived to respond to the aftermath right at his own home,' Mr Zelensky said in a post on Telegram. 'It turned out that a Shahed drone hit his house.' The attack came just hours after US President Donald Trump spoke by phone to Russian President Vladimir Putin. According to Mr Trump, Mr Putin said 'very strongly' that Russia will retaliate for Ukraine's weekend drone attacks on Russian military airfields. Six people were wounded in the Pryluky attack and are in hospital, officials said. Pryluky, which had a pre-war population of around 50,000 people, lies about 100 kilometres (60 miles) east of Kyiv, the capital. The city is far from the front line and does not contain any known military assets. Mr Zelensky said a total of 103 drones and one ballistic missile targeted multiple Ukrainian regions overnight, including Donetsk, Kharkiv, Odesa, Sumy, Chernihiv, Dnipro and Kherson. 'This is another massive strike,' Mr Zelensky said. 'It is yet another reason to impose the strongest possible sanctions and apply pressure collectively.' Mr Zelensky, who has accepted a US ceasefire proposal and offered to meet Mr Putin in an attempt to break the stalemate in negotiations, wants more international sanctions on Russia to force it to accept a settlement. Mr Putin has shown no willingness to meet Mr Zelensky, however, and has indicated no readiness to compromise. US-led diplomatic efforts to stop the more than three-year war have delivered no significant progress, and the grinding war of attrition has continued unabated. Germany's new leader Friedrich Merz was due to meet Mr Trump in Washington on Thursday as he works to keep the US on board with Western diplomatic and military support for Ukraine. Ukraine's top presidential aide, Andriy Yermak, met senior American officials in Washington on Wednesday and called for greater US pressure on Russia, accusing the Kremlin of deliberately stalling ceasefire talks and blocking progress toward peace, according to a statement on the presidential website. Mr Yermak, who travelled to the US as part of a Ukrainian delegation, met senior American officials to bolster support for Ukraine's defence and humanitarian priorities. He said Ukraine urgently needs stronger air defence capabilities. Hours after the Pryluky attack, 17 people were injured in a Russian drone strike on the eastern Ukrainian city of Kharkiv. Those hurt included children, a pregnant woman, and a 93-year-old woman, regional Governor Oleh Syniehubov wrote on Telegram. At around 1.05am, Shahed-type drones struck two apartment buildings in the city's Slobidskyi district, causing fires and destroying several private vehicles. 'By launching attacks while people sleep in their homes, the enemy once again confirms its tactic of insidious terror,' Mr Syniehubov wrote on Telegram. Russian aircraft also dropped four powerful glide bombs on the southern city of Kherson, injuring at least three people, regional authorities said.
Powys County Times
an hour ago
- Powys County Times
Russian strike kills five, including toddler, hours after Trump calls Putin
At least five people, including a one-year-old child, his mother and grandmother, were killed on Thursday in a night-time Russian drone strike that hit the northern Ukrainian city of Pryluky, officials said. Six drones hit a residential area in the city at 5.30am local time, according to authorities. The child killed was the grandson of an emergency responder, Ukrainian President Volodymyr Zelensky said. 'One of the rescuers arrived to respond to the aftermath right at his own home,' Mr Zelensky said in a post on Telegram. 'It turned out that a Shahed drone hit his house.' The attack came just hours after US President Donald Trump spoke by phone to Russian President Vladimir Putin. According to Mr Trump, Mr Putin said 'very strongly' that Russia will retaliate for Ukraine's weekend drone attacks on Russian military airfields. Six people were wounded in the Pryluky attack and are in hospital, officials said. Pryluky, which had a pre-war population of around 50,000 people, lies about 100 kilometres (60 miles) east of Kyiv, the capital. The city is far from the front line and does not contain any known military assets. Mr Zelensky said a total of 103 drones and one ballistic missile targeted multiple Ukrainian regions overnight, including Donetsk, Kharkiv, Odesa, Sumy, Chernihiv, Dnipro and Kherson. 'This is another massive strike,' Mr Zelensky said. 'It is yet another reason to impose the strongest possible sanctions and apply pressure collectively.' Mr Zelensky, who has accepted a US ceasefire proposal and offered to meet Mr Putin in an attempt to break the stalemate in negotiations, wants more international sanctions on Russia to force it to accept a settlement. Mr Putin has shown no willingness to meet Mr Zelensky, however, and has indicated no readiness to compromise. US-led diplomatic efforts to stop the more than three-year war have delivered no significant progress, and the grinding war of attrition has continued unabated. Germany's new leader Friedrich Merz was due to meet Mr Trump in Washington on Thursday as he works to keep the US on board with Western diplomatic and military support for Ukraine. Ukraine's top presidential aide, Andriy Yermak, met senior American officials in Washington on Wednesday and called for greater US pressure on Russia, accusing the Kremlin of deliberately stalling ceasefire talks and blocking progress toward peace, according to a statement on the presidential website. Mr Yermak, who travelled to the US as part of a Ukrainian delegation, met senior American officials to bolster support for Ukraine's defence and humanitarian priorities. He said Ukraine urgently needs stronger air defence capabilities. Hours after the Pryluky attack, 17 people were injured in a Russian drone strike on the eastern Ukrainian city of Kharkiv. Those hurt included children, a pregnant woman, and a 93-year-old woman, regional Governor Oleh Syniehubov wrote on Telegram. At around 1.05am, Shahed-type drones struck two apartment buildings in the city's Slobidskyi district, causing fires and destroying several private vehicles. 'By launching attacks while people sleep in their homes, the enemy once again confirms its tactic of insidious terror,' Mr Syniehubov wrote on Telegram.
