Larry Summers: No question Trump blinked on China tariffs
by Tara Suter - 05/12/25 7:10 PM ET
Former Treasury Department Secretary Larry Summers said Monday that there was no question that President Trump blinked when it came to the recent agreement on a 90-day pause between the United States and China on most tariffs imposed on each other since early last month.
“I think it’s very clear that it’s President Trump who blinked,” Summers told CNN’s Kasie Hunt on “The Arena.” “We had said that we were determined to impose these policies for an indefinite period.”
“China didn’t make any consequential or significant change in its policies,” he added.
On Monday, China and the U.S. said they agreed to a 90-day pause on most tariffs imposed on each other beginning in early April. In a joint statement overnight, the two countries vowed to continue working in the direction of a lasting trade deal while bringing down tariffs for now.
Due to the agreement, the U.S. dropped its tariff rate for Chinese imports to 30 percent from 145 percent, while China agreed to bring down its tariff rate to 10 percent from 125 percent.
“Now look, sometimes it’s good to blink,” Summers told Hunt. “When you make a mistake, it’s usually best to correct it and retreat, even if it’s a little bit embarrassing.”
more
https://thehill.com/business/5296535-larry-summers-trump-china-tariffs/
