Well, well, well. It seems as though cease fires are all the rage in Washington this weekend. Just two days after Marco Rubio convinced India and Pakistan to stop shooting at each other — mostly — the US and China decided to pause their trade war as well:
News yesterday indicated some sort of agreement had been made, but later comments from both sides indicated that only “progress” had taken place. A few hours ago, however, both sides confirmed the economic equivalent of a cease-fire. Or perhaps more accurately, a less-fire:
U.S. Trade Representative Jamieson Greer said the U.S. agreed to drop its 145% tariff rate on Chinese goods by 115 percentage points to 30%, while China agreed to lower its rate on U.S. goods by the same amount to 10%.
Greer and Treasury Secretary Scott Bessent announced the…
