Is it really a deal? I though that it's a temporary reduction in tariffs while talks continue.
In today’s first “Mission Impossible” story, we will recall that last week, President Trump offered Americans a stock tip, urging that it was time to
buy. Keeping that promise, early this morning Al Jazeera ran a story headlined, “
China and US agree to 90-day tariff suspension as trade war talks extended.” Global markets surged, with rising stock markets in Hong Kong, the U.S., and Europe.
The US and China issued a joint statement in the wee hours following two days of trade talks in Geneva, Switzerland. The talks, which came after President Trump created the need for emergency talks with a “spiral of increasingly heavy duties,” were called positive. Negotiators “agreed to suspend some of the heavy trade tariffs imposed against one another as they prepare to extend negotiations aimed at lowering trade war tensions.”
Tariffs, some reaching as high as 150%, will be dialed back to 10% across the board. China agreed to drop its tariffs and remove its “non-tariff countermeasures.” That last is code for unofficial punishments like regulatory harassment, slowed customs clearance, or just pretending the call went straight to voice mail.
When Trump first launched his tariff blitz, the media had an absolute meltdown. Pundits shrieked like naptime toddlers about a looming financial apocalypse, breathlessly predicting empty shelves, collapsing markets, hyperinflation, and the return of Dust Bowl-era bread lines.
The Atlantic warned of a “global recession triggered by reckless trade brinksmanship.”
CNN trotted out every retired Fed official they could find to caution that tariffs would crater consumer confidence and “devastate the middle class.”
Exempli gratia, behold this overwrought headline from
Irresponsible Statecraft, one month ago:
The only thing missing was a tariff-fueled nuclear doomsday ticker in Times Square.
But once again, reality refused to cooperate with media’s dreams— and instead of a catastrophe, Trump got Chinese concessions and
another stock market rally. Tariff Doomsday failed to show up for the breakfast buffet and hasn’t even checked in to the hotel.
What corporate media called “impossible,” Trump called “Sunday.”
Apocalyptic trade war cools as stocks soar; Trump spikes pharma panic with price-cut tweet; AOC eyes White House; peace talks follow Trump tweet; EU leaders star in cocaine train farce.
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