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China’s Fragile Truce with the U.S. – and Why Beijing Desperately Needs It
It’s been a busy week. U.S. trade envoys met with their Chinese counterparts in Switzerland, and both sides made significant concessions: The U.S. slashed tariffs on Chinese imports from 145% to 30%. Tariffs on Chinese packages under $800 dropped from 120% to 54%. A planned fee hike was shelved. China reduced tariffs on U.S. goods from 125% to 10%. Most importantly, China agreed to keep talking, addressing broader issues like intellectual property and market access. Thanks to this, global asset markets rallied. But let’s be clear - this is just a 90-day truce, a brief window to hash out something bigger. Because ... (full story)