Touching The Stove.
Early on Monday morning, Treasury Secretary Bessent confirmed a 90-day “cooling-off period” between the US and China with both countries slashing their tariffs on each other. The US levy on China was taken down from 170% to 30% and China will now charge 10% on US goods instead of 125%.
Wall Street took a victory lap, taking credit for having taught the administration the harsh lesson that high tariffs just don’t work.“They touched the stove and found out that it really hurts” gloated one analyst.
Stock indexes exploded higher as the worst of the apocalyptic recession scenarios appeared to…
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