The FT reports that a secret meeting between US and China which took place in IMF basement paved way for tariff deal seen on both sides as a victory 👇
The first meeting to break the US-China trade deadlock was held almost three weeks ago in the basement of the IMF headquarters, arranged under cover of secrecy. "US Treasury secretary Scott Bessent, who was attending the IMF spring meetings in Washington, met China’s finance minister Lan Fo’an to discuss the near complete breakdown in trade between the world’s two biggest economies, according to people familiar with the matter. The previously unreported encounter was the first high-level meeting between US and Chinese officials since Donald Trump’s inauguration and the launch of his tariff war. The Treasury declined to comment on the secret meeting. The talks culminated this weekend in Geneva with Bessent and He Lifeng, China’s vice-premier, agreeing a ceasefire that would slash respective tariffs by 115 percentage points for 90 days". Link to FT article >>> https://lnkd.in/e_a7Rcix
BREAKING 🚨: Fund Managers
Fund Managers have missed out on the recent stock surge after recently reducing their equity exposure to the lowest levels in 2 years 👀 Source: Barchart, BofA
Recession Cancelled?
McDonald's $MCD to hire 375,000 workers this summer 🚨🚨🚨 Source: Barchart, CNBC
US 30-Year Treasury Yield jumps to 4.89%, sitting near the highest levels of the last 18 years
Will the rise of bond yield start to hurt the equity market's recovery? What is the pain threshold? Source: Barchart
The US and China have agreed on a deal to help resolve the trade war raging between the world’s two largest economies, top Trump administration officials announced Sunday.
Details of the deal, struck during negotiations in Switzerland over the weekend, were not revealed, but officials teased that more information will be shared on Monday. Source: Karli Bonne on X
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🔴 BREAKING: US and China agreed to LOWER tariffs on each other for 90 days until further agreement is reached.
▶️ US cuts tariffs on Chinese goods to 30% from 145% (a base 10% plus 20% fentanyl duty) from May 14th. ▶️ China cuts tariffs on American goods to 10% from 125%. ▶️ Reductions DO NOT include sectoral duties imposed on all US trading partners, and the tariffs applied on China during the first Trump administration remain in place. Treasury Secretary Scott Bessent said that neither side wants to decouple. As a reminder, in 2018, both sides also agreed to pause, but the US backed away from that, which led to more than 18 months of further tariffs and talks. It is a short-term relief at least. But just one headline may reverse everything again. Stay tuned. Source: Global Markets Investor
