U.S., China extend tariff pause another 90 days
Why it matters: The extension comes hours before the truce was set to expire. It pushes off a huge, open question for U.S. businesses and investors on the future of trade with China.
The deal lowered U.S. tariffs on Chinese goods to 30% from 145% and restarted the flow of crucial rare earth minerals out of China.
Catch up quick: CNBC reported on Monday that Trump signed an executive order that extended the trade truce between the world's two largest economies.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Epoch Times
7 minutes ago
- Epoch Times
Canadian Canola Producers ‘Deeply Disappointed' by China's New Tariffs, Call for Ottawa's Support
Organizations representing Canadian canola producers are raising concerns about the impact of newly announced Chinese tariffs, saying that the latest duties, combined with earlier restrictions imposed this year, have effectively shut Canada out of its second largest canola export market. China's Ministry of Commerce announced on Aug. 12 it would impose 75.8 percent temporary tariffs on Canadian canola, starting on Aug. 14. The tariffs are part of a preliminary ruling from an anti-dumping investigation the regime launched last year, which the ministry says found 'that canola imported from Canada is being dumped,' affecting China's domestic industry. Dumping involves selling products to another country at a price below their normal value.
Yahoo
25 minutes ago
- Yahoo
Trump mocks Goldman Sachs CEO David Solomon: 'Maybe, he ought to just focus on being a DJ'
Donald Trump attacked Goldman Sachs and its leader, David Solomon. Trump ridiculed Solomon's DJing hobby. Goldman economists have warned that consumers will increasingly bear the brunt of tariffs. Goldman Sachs CEO David Solomon is probably wondering how he got here. President Donald Trump on Tuesday criticized the investment bank for not giving his trade policy enough "credit." It's not immediately clear what sparked Trump's ire, but the president laid into Solomon directly, even calling out the longtime CEO's DJing hobby. "I think that David should go out and get himself a new Economist or, maybe, he ought to just focus on being a DJ, and not bother running a major Financial Institution," Trump wrote on Truth Social. Goldman economists warned in an August research report this month that consumers would increasingly bear the cost of tariffs, Bloomberg News reported. Goldman declined to comment to Business Insider. Trump and the White House have repeatedly said that consumers will not have to pay higher prices due to tariffs. A number of prominent companies, including Walmart, Nike, and Nintendo, have said they raised prices or will consider doing so as a result of tariffs. Solomon, like others on Wall Street, warned in April about broader "uncertainty" in the markets following Trump's "Liberation Day" announcement of tariffs on a wide range of countries. Solomon told the Financial Times in 2023 that he DJed his daughter's wedding but that his "hobby" would not distract him from his full-time job. "David Solomon and Goldman Sachs refuse to give credit where credit is due," Trump wrote. "They made a bad prediction a long time ago on both the Market repercussion and the Tariffs themselves, and they were wrong, just like they are wrong about so much else." Trump's Tuesday post followed the closely watched July consumer price index report, a key inflation measure. The Bureau of Labor Statistics said the year-over-year inflation rate held at 2.7%, surpassing analyst expectations of a higher 2.8% rate. The Federal Reserve has held interest rates steady amid Chairman Jerome Powell's wait-and-see approach to the inflationary impact of tariffs. Trump took Tuesday's numbers as a sign of victory. "It has been proven, that even at this late stage, Tariffs have not caused Inflation, or any other problems for America, other than massive amounts of CASH pouring into our Treasury's coffers," Trump wrote on Truth Social. Solomon is just the latest CEO to find himself on the receiving end of a presidential attack. Last week, Trump went after Intel CEO Lip-Bu Tan, calling for his resignation. Trump seemed to reverse his views on Tan after meeting with him at the White House on Monday. Reed Alexander contributed reporting to this story. Read the original article on Business Insider Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CNBC
37 minutes ago
- CNBC
CNBC Daily Open: Will the other shoe drop when it comes to U.S. inflation?
Waiting for tariff-induced price increases in the U.S. to show up can feel like watching an M. Night Shyamalan movie. July's consumer price index came in mostly benign. The headline annual rate of 2.7% was lower than the Dow Jones estimate of 2.8%. That said, the core figure was 0.1 percentage points more than expected, and the highest since February, before U.S. President Donald Trump unleashed his tariffs in April. "The tariffs are in the numbers, but they're certainly not jumping out hair on fire at this point," former White House economist Jared Bernstein, who served under Joe Biden, told CNBC. Things appear idyllic so far, but you know something's going to shock you out of your seats eventually — are the figures accurate, except that the decimal point should be shifted to the right? — which makes monitoring U.S. inflation a tense (and exciting) experience. Jan Hatzius, Goldman Sachs' chief economist, in a Sunday research note estimated that the big reveal (when the U.S. consumer admits, "I see higher prices") could happen by October. But markets hit record highs as investors saw the mild inflation numbers as a sign that the Federal Reserve has room to cut rates three times this year — or that tariffs might not drive prices that much higher. Maybe the original premise was wrong: As far as inflation goes, could we be in a happily-ever-after Disney flick, instead of a Shyamalan movie? [no byline of yours?] U.S. prices in July rose less than expected. The consumer price index increased a seasonally adjusted 0.2% for the month, putting the annual figure at 2.7%. Economists polled by Dow Jones were expecting a 0.2% and 2.8% rise, respectively. The S&P 500 and Nasdaq Composite close at new highs. On Tuesday, July's tame CPI report pushed the indexes up 1.13% and 1.39% respectively. The Dow Jones Industrial Average also rose, adding 1.1%. The Stoxx Europe 600 ticked up 0.21%. Trump threatens Fed chair Powell with a 'major lawsuit.' In a post on Truth Social, the U.S. president said the potential proceedings would relate to Powell's management of the Fed's headquarters renovations. Perplexity AI offers $34.5 billion to buy Google's browser. The bid for Chrome, which came unsolicited, is higher than Perplexity's $18 billion valuation in July, but the firm said investors have agreed to back the deal. [PRO] Traders see three rate cuts this year. With Tuesday's cooler-than-forecast inflation report, the futures market is now expecting a cut in each of the Fed's meeting in September, October and December, according to the CME FedWatch tool. More European companies are shunning high-stakes deals in favor of smaller M&As Executives from industrial giants to consumer goods firms are deploying capital on strategic deals designed to snap up competitors and acquire technologies instead of staking their reputations on major deals that run the risk of never materializing. It's a strategy that allows firms to pursue growth without the immense risks and regulatory headaches that have scuttled larger deals.
