US-China tariff: A false dawn for trade relations?

The US and China agreed to lower tariffs to 30% and 10%, respectively, for a period of 90 days. US Treasury Scott Bessent has reiterated that neither country wants to stop working with each other, fuelling speculation that this pause could be extended. The agreement has reduced the US trade-weighted average tariff down to 13%, which is significantly less than the figure on ‘Liberation Day’. Similarly to President Trump’s first term, it’s expected that product exemptions, akin to the UK’s car deal, will be agreed over time. For tariffs to fall further, China will need assurances of future relief....