U.S. Set to Delay More China Tariffs Ahead of Trump-Xi Meeting

  • The U.S. is willing to suspend the next round of tariffs on an additional $300Bn of Chinese imports as both sides prepare to resume trade negotiations, according to people familiar with the plan.
  • Latest calculations from Bloomberg Economics show the cost of an escalating trade war could hit $1.2Tn by the end of 2021. 
  • Treasury Secretary Steven Mnuchin, speaking on CNBC this morning, tried to sound upbeat on the prospects for a deal, saying that 90% of an agreement was already in place. Stock futures rose and Treasuries fell in the wake of his comments. 

 (Source: Bloomberg)