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Category: Economy
June 18, 2025
William Upton
Economy

‘He’s Just a Stupid Person’ — Trump Slams Fed Chair Powell.

PULSE POINTS

❓WHAT HAPPENED: President Donald J. Trump slammed the Federal Reserve and its chairman, Jerome Powell, for their inaction on reducing interest rates ahead of the central bank’s June Federal Open Market Committee meeting on Wednesday.

👤WHO WAS INVOLVED: President Trump, Fed Chairman Powell, the Federal Reserve, and the Federal Open Market Committee.

📍WHEN & WHERE: Trump’s remarks were made on Wednesday, June 18, on the White House lawn.

💬KEY QUOTE: “I think he hates me… He should, he should. I call him every name in the book, trying to get him to do something,” President Trump responded when asked whether he expected Powell to reduce interest rates. The America First leader added: “He’s just a stupid person.”

🎯IMPACT: President Trump has been unyielding in his push for the central bank to cut interest rates, as other central banks are doing. However, in his Wednesday remarks, the America First leader appeared to back away from the possibility of replacing Powell as Federal Reserve chairman outright.

IN FULL

President Donald J. Trump hammered Federal Reserve Chairman Jerome Powell on Wednesday while fielding questions on the White House lawn, repeating his “Too Late” nickname for the central bank chief. While over the past several months, President Trump has overtly pushed Powell and the Federal Reserve to reduce interest rates, the America First leader acknowledged that Powell was unlikely to do so at the conclusion of today’s Federal Open Market Committee (FOMC) meeting.

“[W]e have a man that just refuses to lower the Fed rate; just refuses to do it, and he’s not a smart person… I think he hates me, but that’s OK. He should, he should. I call him every name in the book, trying to get him to do something,” President Trump responded when asked whether he expected Powell to reduce interest rates. The America First leader added: “He’s just a stupid person.”

The Federal Reserve chairman has repeatedly claimed the central bank is hesitant to slash borrowing rates out of concern that President Trump’s tariff policies could reignite inflation. However, now several months removed from “Liberation Day” and the imposition of a global tariff, inflation continues to cool, with the current rate just fractions above the Federal Reserve’s two percent inflation target.

Trump stressed this very point, emphasizing that there is scant evidence that his tariffs have caused inflation. In fact, some data has shown the economy experiencing deflationary pressure.

In another twist in the ongoing feud between Trump and Powell, the President appeared to back off the idea of removing the central bank chief before his term expires in May next year. While the White House had indicated that it was preparing to replace Powell this coming Fall, President Trump on Wednesday told reporters that the Fed chairman only has about nine months or so left in his term and that he’d be replaced thereafter. Notably, Powell will continue to serve as a member of the Federal Reserve’s board of governors until 2028.<

The National Pulse reported yesterday that Powell and the Federal Reserve’s FOMC will conclude their June meeting this afternoon, and it is widely believed that the central bank will maintain interest rates at their current range between 4.25 and 4.5 percent.

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June 18, 2025
Economy
News

European Union Admits ‘Donald Is Right.’

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❓WHAT HAPPENED: European Commission President Ursula von der Leyen acknowledged President Donald J. Trump’s stance on China’s trade policies during the G7 summit, stating, “Donald is right.”

👤WHO WAS INVOLVED: Ursula von der Leyen, President Trump, and other G7 leaders.

📍WHEN & WHERE: During the G7 Summit in Alberta, Canada, which began Monday and runs through Tuesday.

💬KEY QUOTE: “On this point, Donald is right—there is a serious problem,” von der Leyen said regarding China’s trade practices.

🎯IMPACT: The remarks highlight growing concerns over China’s trade policies and the potential for further international action against the Chinese Communist Party (CCP).

IN FULL

European Commission President Ursula von der Leyen expressed agreement with President Donald J. Trump on China’s trade practices during the G7 summit, stating, “Donald is right.” She emphasized the need to focus on the real challenges posed by China’s abusive trade policies rather than disputes over tariffs among allies.

Von der Leyen pointed to China’s restrictions on raw material exports, which are critical for industries like automotive and renewable energy, accusing Beijing of “weaponizing” its control over these resources. She highlighted China’s April restrictions on permanent magnet exports, coinciding with Trump’s reciprocal tariff plan to address the U.S. trade deficit.

“This is not market competition—it is distortion with intent,” von der Leyen said, criticizing China’s approach to intellectual property, subsidies, and global market dominance. She warned of a “new China shock” as the country continues to flood Western and other international markets with state-subsidized, low-cost products.

The G7 summit, held in Alberta, Canada, focused on trade, the Russia-Ukraine war, and tensions in the Middle East, particularly the escalating conflict between Israel and Iran. President Trump departed the summit early to return to Washington, D.C., citing the need to address the Iran situation directly. “I don’t believe in telephones,” Trump told reporters, emphasizing the importance of being on the scene.

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June 17, 2025
Economy

Fed Chief Powell Likely Making ANOTHER Terrible Decision…

PULSE POINTS

❓WHAT HAPPENED: The Federal Reserve’s Federal Open Market Committee is expected to keep interest rates at their current levels when the central bank’s leadership meets on Wednesday, despite continued indicators that inflation has subsided.

👤WHO WAS INVOLVED: The Federal Reserve, Fed Chairman Jerome Powell, the Federal Open Market Committee, President Donald J. Trump, and American borrowers and consumers.

📍WHEN & WHERE: Chairman Powell will announce the central bank’s policy on the federal funds rate on Wednesday, June 18, 2025.

💬KEY QUOTE: “Some members have been expressing concerns about slowing growth, although very slightly, and that should be debated heavily as a driver to cut rates sooner rather than continuing to pause,” contends financial analyst Brian Mulberry, a client portfolio manager at Zacks Investment Management.

🎯IMPACT: President Donald J. Trump has repeatedly called on Powell and the Fed to begin reducing interest rates to energize the United States economy. However, since December of last year, the central bank has opted to hold rates at their current range of 4.25 percent to 4.5 percent.

IN FULL

The Federal Reserve Bank’s Federal Open Market Committee (FOMC) is widely expected to hold the federal funds rate steady, currently between 4.25 and 4.5 percent, following its June meeting, which ends on Wednesday. Currently, the CME Group’s FedWatch Tool indicates a 99.9 percent likelihood that the central bank will maintain current interest rates, despite mounting pressure from President Donald J. Trump to begin enacting cuts to borrowing costs.

Interest rates have remained unchanged since December last year, with the central bank claiming economic uncertainty related to the impact of President Trump’s tariff policies has forced them to hold off on a rate cut. However, thus far, Fed Chairman Jerome Powell’s concern that the tariffs could restart inflation has been largely unfounded. In fact, recent economic data has shown inflation significantly cooling, with the current rate hovering very close to the central bank’s two percent target. Additionally, some recent economic data suggests the American economy could even be facing deflationary pressures, which would generally push the Federal Reserve to cut rates.

In recent months, President Trump has blasted Chairman Powell, calling him a “loser” and arguing that the central bank chief “has always been ‘Too Late'” on adjusting rates to changing economic conditions. Notably, in April, Trump indicated he may soon move to dismiss Powell as Federal Reserve chairman, though that will likely be contingent on a pending court case.

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June 17, 2025
Economy

Working Class Hero: Blue-Collar Wages Surging Under Trump.

PULSE POINTS

❓WHAT HAPPENED: Blue-collar workers have experienced a 1.7 percent real wage increase in the first five months of President Donald J. Trump’s second term, the largest increase for any presidential administration in nearly 60 years.

👤WHO WAS INVOLVED: President Trump, blue-collar workers, and Treasury Secretary Scott Bessent.

📍WHEN & WHERE: The wage growth occurred across the United States from December 2024 to May 2025.

💬KEY QUOTE: “We’ve seen real wages for hourly workers, non-supervisory workers, rise almost 2 percent in the first five months. … No president has done that before.” – Scott Bessent.

🎯IMPACT: Blue-collar workers are seeing significant wage growth, reversing decades of stagnation and decline under previous administrations.

IN FULL

Blue-collar workers saw real wage growth of 1.7 percent in the first five months of President Donald J. Trump’s second term, marking the largest increase for any administration in nearly 60 years. The wage growth sharply contrasts with the negative growth experienced under former President Joe Biden, according to the latest U.S. Department of the Treasury data.

Since Richard Nixon in 1969, Trump is the only president to record positive growth for blue-collar workers in the first five months of his term. During his first term, Trump also achieved a 1.3 percent increase. The current wage growth recovery follows a 1.7 percent decline during Biden’s initial months in office, when inflation outpaced earnings.

Treasury Secretary Scott Bessent highlighted the achievement, stating, “We’ve seen real wages for hourly workers, non-supervisory workers, rise almost two percent in the first five months. … No President has done that before.” He attributed the improvement to falling inflation, which has increased take-home pay, as well as Trump’s focus on manufacturing and efforts to remove illegal immigrants from the workforce. “Biden opened the border, and it was flooded,” Bessent said, adding: “And for working Americans, that’s a disaster because it’s pressure on their wages.”

Trump’s tariff policy has also been designed to make American workers more competitive relative to cheap labor overseas, causing several major companies to reshore production to the U.S.

The Bureau of Labor Statistics defines blue-collar workers as non-supervisory and production workers. Year-to-date wage growth for this group from December 2024 to May 2025 is more than double the 0.8 percent growth seen during Nixon’s administration. Comparatively, Barack Obama’s first term saw a 0.3 percent decline, Bill Clinton and George W. Bush each recorded a 0.6 percent decline, and Ronald Reagan saw a 0.9 percent decline. George H.W. Bush oversaw a 3.0 percent decline, while Jimmy Carter’s administration recorded zero growth.

Trump’s administration is also pushing for the passage of the “Big Beautiful Bill,” which it argues will further boost blue-collar wage growth. The bill includes measures such as eliminating federal income taxes not only on tips, but on overtime pay for over 80 million hourly workers, while providing tax incentives for manufacturers to build factories in the United States.

These initiatives are expected to create up to six million jobs in construction and manufacturing, reversing decades of offshoring.

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June 13, 2025
Economy
War

Oil Prices Spike, Stocks Fall After Israeli Strikes on Iran.

PULSE POINTS:

❓What Happened: Oil prices surged while global stocks fell after Israel conducted strikes on Iran’s military officials and nuclear facilities.

👥 Who’s Involved: Israel, Iran, U.S. President Donald J. Trump, and global financial markets.

📍 Where & When: Strikes occurred early Friday local time in Iran; market reactions followed globally.

💬 Key Quote: “The IEA is actively monitoring the impact on oil markets from the Israel-Iran situation. Markets are well supplied today, but we’re ready to act if needed,” said Fatih Birol, director of the IEA.

⚠️ Impact: Brent crude oil prices rose over eight percent, stocks dropped by more than one percent in premarket trading, and gold reached its highest price in a month.

IN FULL:

Oil prices surged on Friday following Israeli strikes targeting Iranian military officials and nuclear facilities. Brent crude, the global oil benchmark, jumped over eight percent, reaching nearly $74 per barrel, its highest level since early April.

Global stock markets reacted sharply, with major indexes falling over one percent in premarket trading before recovering slightly as investors gauged the broader implications of the conflict. Gold prices also climbed more than one percent, hitting a monthly high of $3,440 an ounce, while Bitcoin slipped nearly one percent to below $105,000. U.S. bond prices showed minimal movement.

The strikes, which occurred early Friday local time in Iran, were described by Israeli officials as part of a “lengthy operation.” President Donald J. Trump warned there was “much more to come” and urged Iran to negotiate a deal. Iran responded by launching drones toward Israel and issuing threats against U.S. assets in the region.

The sudden spike in oil prices has raised concerns about potential impacts on consumer gasoline costs, especially given the possibility of a broader Middle East conflict, which could disrupt global energy supplies. However, the International Energy Agency (IEA)—created to counteract global oil supply disruptions—stated on Friday that it has over 1.2 billion barrels in its emergency stocks.

“The IEA is actively monitoring the impact on oil markets from the Israel-Iran situation. Markets are well supplied today, but we’re ready to act if needed,” said Fatih Birol, director of the IEA, in a post on X (formerly Twitter).

Image via Chatham House.

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June 12, 2025
Economy
TECH

Trump Tariffs Spur Major Semiconductor Maker to Invest $200 Billion in U.S.

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❓What Happened: The Trump Administration announced a $200 billion investment by Micron Technology to expand U.S. chip manufacturing.

👥 Who’s Involved: Micron Technology, President Donald J. Trump, and American workers.

📍 Where & When: Boise, Idaho, and Manassas, Virginia; announced Thursday, June 12, 2025.

💬 Key Quote: “It’s all part of President Trump’s commitment to revitalizing American manufacturing and establishing the country as the global leader in technology—particularly in artificial intelligence,” the Trump White House said in a statement, adding: “It’s another big win for American workers, national security, and leadership in the world—and the best is yet to come.”

⚠️ Impact: Almost 100,000 jobs will be created, and advanced DRAM production will be onshored from Taiwan, bolstering U.S. technological leadership and national security.

IN FULL:

The Trump Administration has unveiled a $200 billion investment by Micron Technology, aimed at bolstering the United States’ semiconductor manufacturing capabilities. Micron, the only U.S.-based producer of advanced memory chips, will direct the funds toward constructing a second chip fabrication plant in Boise, Idaho, while also modernizing its existing facility in Manassas, Virginia.

This initiative will mark the first time Micron’s advanced DRAM technology is produced domestically, as production is being relocated from Taiwan. The move is expected to create approximately 90,000 direct and indirect jobs, further strengthening the U.S. economy and workforce.

“It’s all part of President Trump’s commitment to revitalizing American manufacturing and establishing the country as the global leader in technology—particularly in artificial intelligence,” the Trump White House said in a statement, adding: “It’s another big win for American workers, national security, and leadership in the world—and the best is yet to come.”

Since taking office, the Trump Administration has secured significant commitments from leading technology firms, including Apple, IBM, NVIDIA, TSMC, and others, resulting in trillions of dollars pledged toward U.S.-based manufacturing and production. The National Pulse reported in February that Apple committed to a $500 billion investment in the U.S. over the next five years, aimed at boosting its artificial intelligence data server needs. Additionally, the United Arab Emirates (UAE) agreed to a $1.4 trillion U.S. investment framework in March that will focus on developing artificial intelligence (AI), semiconductors, and energy technologies.

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June 12, 2025
William Upton
Economy
Immigration

Globalist WSJ Frets About Trump Deportations’ Impact on Multinational Corporations.

PULSE POINTS:

❓What Happened: The Wall Street Journal is rushing to the aid of multinational corporations who say their bottom lines are being hurt by President Donald J. Trump’s efforts to deport illegal immigrants from the United States. However, the newspaper, which specializes in economic coverage, ignores entirely the reasonable possibility that declining Hispanic consumption is more likely the result of deflationary pressure and an ongoing credit crunch.

👥 Who’s Involved: The Wall Street Journal, President Donald J. Trump, U.S. Immigration and Customs Enforcement (ICE), Hispanic consumers, and illegal immigrants.

📍 Where & When: The sprawling Journal story was published late Wednesday, June 11, 2025.

💬 Key Quote: “ICE’s tactics have had a chilling effect on some retailers, store owners and company executives said,” the WSJ story declares.

⚠️ Impact: This isn’t the first time the WSJ has rushed to the defense of illegal immigrants or multinational globalist corporations, with the newspaper attacking President Trump’s move to crack down on visa overstays in February. Additionally, despite once being known for its rigorous economic news coverage, the WSJ appears to completely ignore the impact that declining credit access and deflationary pressure are having on major retailers.

IN FULL:

The globalist Wall Street Journal is fretting that the deportation of illegal immigrants is impacting the bottom line of some of the largest multinational corporations. In a sprawling feature story, the Murdoch-owned newspaper attempts to conflate an overall consumer demand decline across all ethnic groups with President Donald J. Trump‘s efforts to deport violent and dangerous criminal illegal immigrants, arguing that it is the deportations and not other factors that are resulting in falling consumption. Additionally, the Journal appears ambivalent to the positive impacts the deportations are having on native-born American workers, focusing instead on the loss of cheap foreign labor used by corporations.

“ICE’s tactics have had a chilling effect on some retailers, store owners and company executives said,” the Wall Street Journal story declares, before directly blaming White House Deputy Chief of Staff Stephen Miller for said “chilling effect.”

“Hispanic shoppers reduced visits to physical stores more than non-Hispanic ones in the first quarter of the year, compared with the same period in 2024,” the Journal contends. “Walgreens experienced a 10.5 percentage point decline in Hispanic shoppers in the first quarter, while Home Depot had an 8.7 percentage point drop and Dollar General a 6.1 percentage point decrease.”

However, what the Wall Street Journal ignores is that elevated interest rates, decreased lending, and an increasingly deflationary environment (which usually presents as falling consumer demand) are statistically shown to impact Hispanics and other minority groups at higher rates than America’s white population. Data shows that credit card delinquency rates, for instance, are at a 13-year high, with the total number of consumers who are 90 days or more past due hitting 12.3 percent in Q1 of 2025.

While some individuals interviewed by the Journal claim they’ve cut back on eating out or shopping for fear of ICE raids, the more reasonable—and likely—explanation for the decline is the lack of credit (and overall liquidity) among American consumers as a whole.

In another instance, the Journal claims that big box stores, like Walmart and Target, are offering steep discounts of 50 percent or more to lure Hispanic consumers back to their stores. However, again, in Target’s own earnings report, the company says it has rolled out $1 price point items not to appeal to Hispanics, but rather to attract all consumers, as falling credit and left-wing boycotts over the company’s decision to scrap some of its DEI policies have depressed its sales numbers.

This skewed and disingenuous reasoning is nothing new for the Journal. The National Pulse’s Editor-in-Chief Raheem Kassam has noted in the past that The Wall Street Journal has opposed almost any attempt to deport illegal immigrants. For instance, in February, the newspaper threw a fit that President Trump was removing illegal immigrants who had overstayed their visas from the country.

Notably, visa overstays are one of the primary methods for individuals to immigrate to the United States illegally.

Image by John Wisniewski.

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June 11, 2025
William Upton
Economy

Trump Tariffs Spur General Motors to Shift Production From Mexico, Commit $4 Billion to U.S.

PULSE POINTS:

❓What Happened: General Motors (GM) plans to invest $4 billion in U.S. plants over the next two years, while also shifting production of two vehicle lines away from Mexico in response to President Donald J. Trump’s tariff policies.

👥 Who’s Involved: GM and its U.S.-based manufacturing plants, GM Chairwoman and CEO Mary Barra, GM President Mark Reuss, U.S. President Donald J. Trump, and Mexico.

📍 Where & When: GM announced the investment and production shift on Tuesday, June 10, 2025.

💬 Key Quote: “We believe the future of transportation will be driven by American innovation and manufacturing expertise,” GM CEO and Chairwoman Mary Barra said in a statement.

⚠️ Impact: Increased U.S. vehicle production, thousands of new jobs, and a shift of manufacturing from Mexico to the U.S.

IN FULL:

General Motors (GM) has announced a $4 billion investment plan to expand its U.S. manufacturing operations over the next two years. The move comes in response to President Donald J. Trump’s tariff policies, including a 25 percent Section 232 tariff on autos.

“We believe the future of transportation will be driven by American innovation and manufacturing expertise,” GM CEO and Chairwoman Mary Barra said in a statement. Meanwhile, the company’s president, Mark Reuss, added: “Today’s news goes well beyond the investment numbers—this is about hardworking Americans making vehicles they are proud to build and that customers are proud to own.”

The investment is expected to increase GM’s annual vehicle production capacity to over two million units and create between 3,000 and 4,000 jobs. Notably, as part of the U.S. production plan, GM will shift its production of the gas-powered Chevy Blazer and Chevy Equinox to new U.S. facilities. Additionally, some full-size SUVs and light-duty pickups, such as the Silverado, will be moved to pre-existing Michigan-based plants. All of these vehicles are currently manufactured in Mexico.

While GM has framed this as a long-term strategy, it clarified that this investment is separate from its immediate efforts to mitigate the estimated $4 to $5 billion in tariff costs expected this year.

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June 11, 2025
William Upton
Economy

Inflation Continues to Cool, Proving Trump Tariff Critics Wrong.

PULSE POINTS:

❓What Happened: U.S. Consumer Price Index (CPI) data for May showed a modest increase, with headline and core inflation both below expectations.

👥 Who’s Involved: U.S. Bureau of Labor Statistics, Federal Reserve Chairman Jerome Powell, President Donald J. Trump, and market analysts.

📍 Where & When: United States, May 2025.

💬 Key Quote: “CPI JUST OUT. GREAT NUMBERS! FED SHOULD LOWER ONE FULL POINT. WOULD PAY MUCH LESS INTEREST ON DEBT COMING DUE. SO IMPORTANT!!!” President Trump wrote in a post on Truth Social.

⚠️ Impact: Despite corporate media and Wall Street fearmongering that President Trump’s tariffs would reignite inflation, prices have held steady with no evidence of a spike in inflationary pressure.

IN FULL:

The latest Consumer Price Index (CPI) report for May 2025 revealed a modest 0.1 percent month-over-month increase, falling short of analysts’ expectations of 0.2 percent. Year-over-year, headline CPI rose to 2.4 percent, up slightly from April’s 2.3 percent, according to data from the U.S. Bureau of Labor Statistics.

Core CPI, which excludes volatile food and energy prices, also rose 0.1 percent month-over-month, maintaining a 2.8 percent annual increase—its lowest since March 2021. Predictions from Wall Street and corporate media pundits warning of significant inflationary pressures tied to tariffs have failed to materialize, as energy prices notably declined by 1.0 percent in May, driven by falling gasoline costs.

“CPI JUST OUT. GREAT NUMBERS! FED SHOULD LOWER ONE FULL POINT,” President Donald J. Trump wrote in a post on Truth Social on Wednesday. “WOULD PAY MUCH LESS INTEREST ON DEBT COMING DUE. SO IMPORTANT!!!”

The America First leader has repeatedly pushed Federal Reserve Chairman Jerome Powell to lower interest rates, though the overly cautious central bank chief has been reluctant to do so. Concerningly, the Federal Reserve’s inaction regarding rates could result in the U.S. economy moving into a deflationary cycle, which would have significant negative impacts. Notably, the data shows deflationary signals when shelter costs are removed from the May CPI report.

Shelter costs, a significant component of the CPI, increased 0.3 percent in May, contributing to the overall rise. The index for rent rose by 0.2 percent, while owners’ equivalent rent also climbed 0.3 percent. However, the lodging away from home index fell slightly, by 0.1 percent.

Food prices rose by 0.3 percent over the month, impacting both the food at home and food away from home categories. Meanwhile, other categories such as medical care, motor vehicle insurance, and personal care saw modest increases. In contrast, airline fares dropped by 2.7 percent, continuing a decline from the previous month, and used car prices fell by 0.5 percent.

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June 11, 2025
Economy
News

Trump Announces ‘Deal With China Is Done’ Following London Tariff Talks.

PULSE POINTS:

❓What Happened: A “framework deal” was reached between the U.S. and China during trade talks in London, England, though it awaits final approval by U.S. President Donald J. Trump and Chinese President Xi Jinping.

👥 Who’s Involved: President Trump, President Xi, U.S. Commerce Secretary Howard Lutnick, and Chinese Vice Commerce Minister Li Chenggang.

📍 Where & When: Trade negotiations occurred in London on June 8-9, 2025, with President Trump announcing the deal on June 10, 2025.

💬 Key Quote: President Trump posted on Truth Social, “Deal with China is done, subject to final approval with President Xi and me. Relationship is excellent!”

⚠️ Impact: The agreement aims to ease trade tensions, facilitate rare earth exports, and prevent a potential economic slowdown caused by supply chain disruptions.

IN FULL:

President Donald J. Trump announced on Wednesday that a “framework deal” has been reached between the United States and China after two days of intensive trade talks in London, England. The agreement, which seeks to ease tensions in the ongoing trade war between the two nations, still requires formal approval by both Trump and Chinese President Xi Jinping.

The negotiations concluded late Tuesday night, with both sides confirming progress. U.S. Commerce Secretary Howard Lutnick described the talks as an effort to “get the negativity out” of the bilateral relationship, adding that the focus is now on fostering “positive trade, growing trade.”

Under the proposed framework, China will maintain a 10 percent tariff on U.S. goods, while the U.S. retains a 55 percent tariff on Chinese imports. The deal also includes commitments for China to resume and increase exports of rare earth minerals critical to U.S. industries. In exchange, the U.S. will provide aerospace parts and semiconductor programming technology to China, along with renewed access for Chinese students to American universities.

President Trump took to Truth Social to declare, “OUR DEAL WITH CHINA IS DONE, SUBJECT TO FINAL APPROVAL WITH PRESIDENT XI AND ME. FULL MAGNETS, AND ANY NECESSARY RARE EARTHS, WILL BE SUPPLIED, UP FRONT, BY CHINA.”

The talks in London follow a preliminary agreement reached in Geneva, Switzerland, in May, which temporarily paused record-high tariffs of well over 100 percent on imports from both nations. The current tariffs, reduced to 30 percent for U.S. imports from China and 10 percent for Chinese imports from the U.S., could spike again if the framework is not finalized before July 9.

China’s state-run media has acknowledged “new progress” in the talks but offered no specifics. Vice Commerce Minister Li Chenggang confirmed the framework was agreed upon “in principle.”

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