According to Mars Finance, on April 24, the White House press secretary made it clear today that “the United States will not unilaterally drop tariffs on Chinese goods,” marking a shift in the Trump administration’s pressure in trade negotiations towards China.
Key points:
This statement directly refutes last week’s Wall Street Journal report about “the U.S. considering a drop of 50-65% in tariffs on China.”
The White House emphasizes that any tariff adjustments must be based on a “substantive trade agreement.”
Recently, Trump has been sending conflicting signals, claiming on Monday that the China-U.S. negotiations are “progressing well.”
Market Impact:
• After the announcement, the offshore RMB against the US dollar dropped more than 200 points in the short term.
• The three major U.S. stock index futures fell in response, with Dow futures dropping by 0.8%.
• Futures prices of agricultural products sensitive to exports to China, such as soybeans, have significantly dropped.
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