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Trump caves 115% on China tariffs temporarily, and leaves the door open for more market manipulation [1]
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Date: 2025-05-12
Today the Trump administration and China agreed to suspend most of their tariffs for the next 90 days. The US will tax Chinese imports at 30% (down from 145% yesterday) while China will tax US imports at 10% (down from 125% yesterday).
Undoubtedly Trump will market this as a huuuge win, but really? Americans still have a 30% tax we didn’t have before — and after 90 days anything could happen? And how come our tax rate is 30% but Chinese citizens pay only 10%?
Lots of business were already planning for cuts due to Trump’s tariff gyrations, and this new announcement isn’t all that reassuring.
On April 2 Trump said his tariffs would raise trillions of dollars and pay down our national debt. Nobody who’s serious believed him. Today he mostly caved on the China tariffs, so I guess that means he figures our national debt will continue to skyrocket.
Tomorrow Trump may do something else to tariffs at random. Nobody knows what he’ll do next to manipulate the markets and hurt the US economy — though Trump himself will make big bucks on all this, we can be sure.
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