Economist Peter Schiff isn’t buying the fanfare around the latest U.S.-China tariff deal. In his view, Washington just blinked.
After a round of negotiations in Geneva, the two countries agreed to pause parts of their trade war by reducing tariffs for 90 days—down to 30% on Chinese imports into the U.S., while Beijing holds steady at 10% on American goods. Schiff was quick to criticize the imbalance, calling it a “loss disguised as diplomacy.”
“This isn’t a breakthrough—it’s a bluff retreat,” Schiff wrote on X, claiming the U.S. gave up leverage without securing meaningful concessions. Critics argue the deal’s structure favors China and burdens American households, who are already projected to face an average of $1,300 in extra costs due to tariffs in 2025.
While Trump hailed the temporary rollback as “great progress” on Truth Social, skeptics suspect political motives. Schiff even suggested the timeline and figures may have been tailored to benefit allies close to the administration.
Despite public statements from U.S. officials labeling the deal a step forward, key tariff frameworks remain intact. Duties imposed before April 2025, including those under Section 301 and national security measures, will continue.
Chinese officials remained cautious, reiterating that future negotiations must align with their national development interests. Both sides confirmed plans to resume talks but offered no details beyond general optimism.
Whether this is a true de-escalation or just a timeout remains to be seen. For now, the clock is ticking on another 90-day countdown.
The fallout from the Federal Reserve’s latest decision to hold interest rates steady has reached the political arena, with U.S. President Donald Trump launching a fierce attack on Chair Jerome Powell.
The Federal Reserve left its target range at 4.25–4.50 percent for a fourth straight meeting and quietly dialed back how much easing it expects through 2026.
Britain’s cost-of-living pulse barely budged in May, with headline CPI stuck at 3.4%—the same pace (after correction) seen in April, the Office for National Statistics said on Wednesday.
After wrapping up a two-day policy meeting, the Federal Reserve left its benchmark rate unchanged near 4.4 percent—exactly what markets had penciled in.