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China is blinking as the tariff squeeze worsens. There are reports out of the country that entire factories are closing, port and rail traffic have ground to a halt, and American port calls have almost ceased from China.
Financial markets are in a 'wait and see' mode and drifting as the open approaches.
Apple announced today it is moving its iPhone assembly operations from China to India within a year.
China’s government is considering suspending its 125% tariff on some US imports, people familiar with the matter said, as the economic costs of the tit-for-tat trade war weigh heavily on certain industries, reported Bloomberg.
Trump says China’s President Xi Jinping has called him, and that his Administration is in active talks with the Chinese to strike a deal.
"Yes, they are talking. It doesn't matter who 'they' is," declared President Trump.
China has granted some tariff exemptions on American imports and is considering lifting other duties, reported FInancial Times.
Chinese Foreign Ministry reiterated today that China and the US are not having any consultations or negotiations on tariffs.
Winning! So much winning I can hardly contain myself.