China and the US have decided to lower import tariffs by 115% each for a period of 90 days. This means that China now applies an import tariff of 10% to American goods. The US will continue to levy 30% on Chinese goods. This step is mainly seen as a concession by Trump. His earlier exaggeration to an import tariff of 145% seemed to be plunging the American economy into a hole. There is now a lot of excitement in the financial press about the 'deal' between China and the US. However, there is no deal. There is only a pause in the argument, and they haven't discussed any substantive issues yet. In my view, the relief on the stock markets is therefore just hot air.

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