Monday Minutes
A Winning Weekend China Brought to Heel On Monday, the U.S. and China signed a temporary trade deal in Geneva, prompted by the 145% U.S. tariffs imposed on April 2 that slashed Chinese exports to the U.S. by 21% in a single month. China’s reliance on the U.S. consumer economy, which absorbed $427.2 billion of their exports in 2024, made this loss crippling, forcing them to the negotiating table. The deal lowers U.S. tariffs to 30% for 90 days, with a 10% baseline and 20% fentanyl-related duties, while China cuts its 125% retaliatory tariffs to 10% and lifts restrictions on rare…
