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But in reality, the trade truce – if that’s really what was accomplished this time around – is mostly just a return to the already-tense state of affairs from before April 2. Tariff rates from both countries remain historically high, and significant export restrictions remain in place. The United States has not opened its doors to China’s autos, nor is it going to sell its high-end AI chips anytime soon. And, in Trump’s parlance, China isn’t treating America much more “fairly” after this agreement than it did before.
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The compounding tariffs create significant trade barriers with America’s second-largest trading partner, raising prices for American businesses and consumers with no easy fixes or clear market alternatives. Some gigantic companies, such as Apple, have complex supply chains that can withstand some of the price pressures. But even Apple, which has said it would ship most US iPhones from India as Chinese tariffs rise, said it would face a $900 million quarterly cost increase because of tariffs – at their current levels, not at the sky-high 145% rate.