China has won the trade war with Trump
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.
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