David Vance SubstackRead More
Well now, what a turn of events we have seen in the past 24 hour! China decided to hit back with 84% tariffs on the US. World markets tumbled. Trump told us all to stay cool and then came the BIG announcement!
For China, Trump has raised the tariff rate to an extraordinary 125%, up from the previous 104% that took effect earlier in the week. The White House has framed this hike as a direct response to China’s unwillingness to negotiate, with Treasury Secretary Scott Bessent emphasising that countries that do not retaliate or seek deals will be rewarded, while China’s stance has led to this punitive measure.
For most other nations, Trump has announced a 90-day pause on the higher “reciprocal” tariffs reducing them to a universal 10% baseline tariff. This applies to dozens of countries previously facing rates as high as 50%, such as Vietnam (46%), Cambodia (49%), and the European Union (20%). The pause is intended to allow time for negotiations, with over 75 countries reportedly reaching out to the White House to discuss trade terms. Japan, for instance, is expected to receive priority in these talks due to its prompt engagement.
And just like that Thanos clicking his fingers, Trump pulls the hammer on China whilst giving all the other high tariff countries 90 days breathing space.
Global markets took off!
China is in a right pickle. In 2024, the US goods trade deficit with China was $295.4 billion, with imports exceeding exports by that amount. Put simply, China has moved itself into checkmate.
Meanwhile, in predictable fashion, the legacy media machine claims that Trump has ‘folded” and that he was spooked by the markets into a hasty retreat! You can NEVER hate them enough
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