This morning buffoon of a National Economic Council Director, Larry Kudlow, gave a bumbling overview of the trade framework the US agreed to with China yesterday on ABC This Week. Thankfully Treasury Secretary Steve Mnuchin cleared things up on Fox News Sunday.
Tariffs have been put on hold on both sides, and China has committed to increasing agriculture imports by 40 percent, energy imports by an unspecified amount, among other increases. The two sides committed to a “framework” not an official agreement, so the details are still to be negotiated. But the fact tariffs are on hold is the most relevant development for stock market purposes. “Yuge.”
