Something besides the stock market might be dropping.
After weeks of tariff hikes left Wall Street shakin’ in its boots, President Trump said U.S.-China talks are “active” and promised a “fair deal.” China says it’s open to talks—just not under continued threats.
The White House suggested current 145% tariffs on Chinese imports could drop to 50–65% and possibly even lower for goods not tied to national security. Treasury Secretary Scott Bessent says he sees potential for “a big deal,” while maintaining that the U.S. won’t cut tariffs without reciprocity.
The softened tones are a welcome sound for the CEOs of Walmart, Target, and Home Depot—who met with Trump Monday to raise concerns over strained global logistics and mounting costs—and for stocks. Markets rallied, with the S&P 500 climbing over 6% this week.