In a new development, China announced its readiness to enter into trade talks with the United States, a day after U.S. President Donald Trump stated he was willing to reduce the high tariffs imposed on Chinese goods, provided an agreement is reached.
The Chinese Foreign Ministry spokesperson, Geng Shuang, confirmed that "No one wins in trade wars," and called for negotiation instead of threats and coercion. At the same time, he accused America of exerting excessive pressure even while seeking an agreement, and considered this not the right approach.
From the American side, Treasury Secretary Scott Pruitt stated during a closed meeting that the current escalation is unsustainable, and he expected the dispute to cool down soon. Trump also indicated that tariffs could decrease "significantly," which gives a positive signal to the markets.
Reciprocal tariffs are currently heavy: 145% from Washington on Chinese imports, and 125% from Beijing on American goods.
Quick facts:
Trump softens his stance on tariffs.
No intention to dismiss Powell, with a call to lower interest rates.
The International Monetary Fund lowers its growth forecasts for the U.S. economy.
Proposal for a ceasefire in Ukraine.
The White House confirms an intention to ease trade tensions.
