Donald Trump announced that tariffs on Chinese goods will be reduced “substantially,” although he clarified they “won’t be zero,” following comments from US Treasury Secretary Scott Bessent about a potential “de-escalation” in the trade war between the US and China. This comes after Trump imposed import taxes of 145% on China, leading to a retaliatory 125% tariff on US goods, which has contributed to stock market volatility and raised concerns over global economic growth. Meanwhile, the IMF has warned of a “major negative shock” resulting from these tariffs.
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