Trump’s China trade breakthrough might be enough to avoid self-inflicted recession
CNN
While the White House backed off from its steepest levies on Chinese goods, economists say it’s still too early to declare the US economy is out of danger altogether. Recession risks remain, even if the odds of a downturn have been dialed back a notch.
President Donald Trump marched the US economy to the brink of a self-inflicted recession and a potential supply chain meltdown. But at the last moment, Trump decided to pull back. The US-China breakthrough unveiled Monday calls for a 90-day thaw in the trade war by slashing tariffs from suffocatingly high levels as trade was paralyzed between the world’s two biggest economies. The dramatic drop in US-China tariffs is an undeniable positive compared to just a few days ago. The breakthrough has already set off an epic party on Wall Street and is raising hopes that a tariff-driven nightmare can be avoided. Yet economists say it’s still too early to declare the US economy is out of danger altogether. Recession risks remain, even if the odds of a downturn have been dialed back a notch. Tariffs are still very high — much higher than at any point in decades. Uncertainty is even higher. Damage to confidence and trade flows won’t be undone overnight.
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