NOTE: In honor of Le Fly’s upcoming 42nd bday, we’re doing free trials for Exodus this week. Email me at Flybroker at gmail dot com for access.
It’s hard to not categorize this as a win for team Trump. Naturally, some might say the tone of these threats isn’t friendly and it might damage relations long term — but who really gives a shit about feelings anyway. The Chinese eat pets, dogs and cats — believe me — they don’t give a shit about a little hardball negotiation. If I had to guess, they were probably bored of beating us stupid and silly and have enjoyed this new version of American virility.
On news of these tariff cuts, futures are +55, Nasdaq +25.
China’s Finance Ministry said that it will cut import tariffs on some vehicles to 15 percent, down from as much as 25 percent.
The announcement Tuesday also said that tariffs on some automotive parts would fall to 6 percent. The cuts will be effective from July 1.
The move signifies an attempt to open up the world’s largest auto market to international players. Discussion of a potential automotive sector tariff cut surfaced in April, and was mentioned in a speech by Chinese President Xi Jinping that month. It was also revealed that China would permit full foreign ownership of car makers in five years.
According to the Finance Ministry on Tuesday, the average tax on qualifying vehicles will now be 13.8 percent. Car parts to have import duties lowered include bumpers, doors and seat belts.
And, it looks like Trump backed down from penalizing ZTE. This is bullish for ACIA.
Everything is the fuck higher, gold, oil, silver — everything but Bitcoins.
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