The deal is done, ladies and gentlemen.
From Reuters:
At the end of two days of intense negotiations in London, U.S. Commerce Secretary Howard Lutnick told reporters the framework deal puts 'meat on the bones' of an agreement reached last month in Geneva to ease bilateral retaliatory tariffs that had reached crushing triple-digit levels.
But the Geneva deal had faltered over China's continued curbs on critical minerals exports, prompting the Trump administration to respond with export controls of its own preventing shipments of semiconductor design software, aircraft and other goods to China.
The Art of the Deal, if you will ...
Lutnick said the agreement reached in London would remove restrictions on Chinese exports of rare earth minerals and magnets and some of the recent U.S. export restrictions 'in a balanced way', but did not provide details after the talks concluded around midnight London time (2300 GMT).
'We have reached a framework to implement the Geneva consensus and the call between the two presidents,' Lutnick said, adding that both sides will now return to present the framework to their respective presidents for approvals.
Also from Reuters:
A White House official said the 55% represents the sum of a baseline 10% 'reciprocal' tariff Trump has imposed on goods imported from nearly all U.S. trading partners; 20% on all Chinese imports because of punitive measures Trump has imposed on China, Mexico and Canada associated with his accusation the three facilitate the flow of the opioid fentanyl into the U.S.; and finally pre-existing 25% levies on imports from China that were put in place during Trump's first term in the White House.
Alright, liberals, time to come up with your best hot takes as to why this is bad and Trump's a loser.
Ready. Set. Go!
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