Overview

• President Trump declared a forthcoming significant reduction of the 145% tariffs on Chinese imports, sparking a market rally.
• Trump claims to have spoken with Chinese President Xi Jinping, suggesting potential agreements within weeks, though details remain unclear.
• China’s Ministry of Commerce officially denies any ongoing trade negotiations with the United States, calling such claims speculative.
• The European Union continues to push for a negotiated resolution while preparing countermeasures to U.S. tariffs on steel, aluminum, and cars.
• A Federal Reserve report highlights slowing U.S. consumer spending and hiring, attributed to trade-related uncertainty and economic volatility.