A trade deal has been struck between America and China, and the White House has spilled the beans on the news. US Treasury Secretary Scott Bessent spilled the tea, stating that “substantial progress” was made with his Beijing counterpart during talks in Geneva. The details are slated to be unveiled tomorrow, but the breakthrough is giving hope for an end to the tariff war between the top two economies in the world.
Donald Trump went ahead and slapped China with hefty 145% tariffs, prompting them to retaliate with their own import duties of 125% on most US exports. It was a real tit-for-tat situation, leading to chaos in the stock markets with trillions of dollars going down the drain last month when the White House confirmed the skyrocketing tariffs on China.
Investors were running scared, fearing more financial turbulence would come from the escalating levies between the economic giants. China didn’t hold back and jacked up the levies on US goods from 84% to 125% as a response to Trump’s tariff tactics, with President Xi Jinping calling them “unilateral acts of bullying.” The US tariff policy was even deemed a joke in the history of world economics by a spokesman for China’s commerce ministry.
But lo and behold, the White House dropped a bombshell last night, claiming that Trump was feeling “optimistic” about reaching a deal with China. White House spokeswoman Karoline Leavitt spilled the beans, saying that the President was open to striking a deal with China and was pretty darn good at negotiating. The phone was ringing off the hook with 75 countries looking to make trade deals, with 15 offers already on the table.
Just a few days ago, the US revealed a juicy trade deal with Britain. In a press conference in the Oval Office, Trump proudly announced the “first” agreement with the UK after his tariff blitz around the globe. During a live phone call with Sir Keir Starmer, he hailed it as a “great deal for both countries,” cutting tariffs on British car exports to America and slashing steel tariffs to zero.
The deal also included a reciprocal tariff-free agreement for beef exports and reductions in tariffs on other goods. Trump was all praises for the UK, calling it one of the greatest allies of the States and highlighting the strong relationship between the two countries. The deal was seen as a significant step towards mitigating some of the punishing tariffs imposed by Trump, paving the way for a more substantive deal in the future.
Not really sure why this matters, but it seems like Trump is on a roll with these trade deals. Maybe it’s just me, but it’s interesting to see how these negotiations play out on the global stage. It’s all about give and take, right? Who knows what the future holds for these trade relationships, but one thing’s for sure – it’s a wild ride in the world of international trade.
