FAST FIVE: Stocks Tumble On China Tariff Headlines
Stocks Tumble On China Tariff Headlines Well that spoiled the party.
Bloomberg reports that existing tariffs on billions of dollars of Chinese goods coming into the US are likely to stay in place until after the American presidential election, and any move to reduce them will hinge on Beijing's compliance with the terms of a phase-one trade accord, people familiar with the matter said.
The two sides have an understanding that no sooner than 10 months after the signing of the agreement at the White House Wednesday, the US will review progress and potentially trim tariffs now in place on $360 billion of imports from China, the people said, declining to be identified because the matter is private.
As a reminder, only the imminent September tariffs were actually removed (before they hit) in the phase one deal, so this should not be a total shock.
However, it appears the assumption was that the rest of the tariffs would be lifted sooner rather than later.