Markets react positively
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Hints of a deal on China trade are slipping out via comments by Trump officials and by the President himself.
President Trump said today in the Oval Office that tariffs on China would not be as high as 145% and that he would not play hardball with Beijing on trade.
Pressure from business and financial circles has been intense since 'Liberation Day' when the tariffs were announced, with different levels for each country depending on the trade deficit with the United States.
American businesses with production in China were especially disturbed and worried, as was the financial sector.
Treasury Secretary Bessent said today that the U.S. would 'de-escalate' with China very soon.
“The next steps with China are, no one thinks the current status quo is sustainable” with tariff rates at their current levels, Bessent said at a private investor summit in Washington, D.C., hosted by JPMorgan Chase, reported CNBC.
Bessent said he believes that the prospect of de-escalation between the economic superpowers “should give the world, the markets, a sigh of relief,” according to the person in the room.
In addition, President Donald Trump said he has “no intention” of firing Federal Reserve Chair Jerome Powell before his term leading the U.S. central bank expires next year.
“None whatsoever,” Trump said in the Oval Office when asked to clarify that he did not seek Powell’s removal. “Never did," reported CNBC.
Markets are responding positively to both announcements.
