RUSH: In related news, “China agreed to reduce tariffs on U.S. autos to 15%, down from 40% currently.” This news is just kind of sneaking out there.
It’s in the Wall Street Journal. Breaking news: “China agreed to reduce tariffs on U.S. autos to 15% down from 40% at present. The Chinese vice premier, Liu, said Beijing would reduce auto tariffs in a Monday call with Ambassador Lighthizer and Treasury Secretary Steven Mnuchin.” Now, this is huge news! Remember, it was gonna be President Trump that would have to blink. The ChiComs wouldn’t blink. The ChiComs had Trump over a barrel here.
Reducing tariffs from 40% down to 15% is a big deal. So we’ll just have to wait and see what happens here with this.