Chinese and US trade representatives agreed to suspend for 90 days 115% of the sky-high tariffs each had imposed on the other. This still leaves tariffs of 30% on Chinese goods to the US and 10% on US goods to China, plus a few other assorted tariffs that had been in existence earlier.
Trump had been bluffing that the US could withstand the pain that the high tariffs that were clearly causing, in his usual childish way.
Donald Trump on Wednesday acknowledged that his tariffs could result in fewer and costlier products in the United States, saying American kids might “have two dolls instead of 30 dolls”, but he insisted China will suffer more from his trade war.
The US president has tried to reassure a nervous country that his tariffs will not provoke a recession, after a new government report showed the US economy shrank during the first three months of the year.
…“You know, somebody said, ‘Oh, the shelves are going to be open,’” Trump said, offering a hypothetical. “Well, maybe the children will have two dolls instead of 30 dolls. So maybe the two dolls will cost a couple bucks more than they would normally.”
