• US needs to be prepared to revoke unilateral tariffs.

As a reminder, US and China will hold talks on trade this weekend in Switzerland although the expectations have been set low by the US Treasury Secretary Bessent as he said that it’s more about de-escalation than negotiations for a trade deal.

Trump said that he won’t drop tariffs unilaterally to bring China to the negotiating table, so if the Chinese insist on this point, then it could be a long way before we see anything substantial.

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