Overview
- President Trump proposed reducing U.S. tariffs on Chinese goods from 145% to 80%, leaving the decision to Treasury Secretary Scott Bessent.
- U.S. and Chinese officials, led by Scott Bessent and Vice Premier He Lifeng, are scheduled to meet in Geneva this weekend to explore de-escalation of trade tensions.
- The U.S.-U.K. trade framework, announced Thursday, maintains a 10% baseline U.S. tariff but reduces levies on British car exports and opens U.K. markets to U.S. goods.
- Global markets have shown cautious optimism, with equities, the dollar, and bond yields rising on hopes for progress in the U.S.-China talks.
- Analysts remain skeptical about the likelihood of significant breakthroughs, given the complexity of U.S.-China trade disputes and ongoing economic strains.