White House Council of Economic Advisers Chair Stephen Miran stated that the U.S. may reduce its tariffs on China in the coming weeks.
Economic Advisor's Statement
Stephen Miran, Chair of the White House Council of Economic Advisers, said in an interview with Bloomberg TV that the U.S. could lower its current 145% tariff rate on China within a few weeks. Although Miran is not directly involved in negotiations, he emphasized that President Donald Trump is committed to reaching a deal and has a strong track record in this regard.
"The president has been very clear that he thinks that there will be a deal with China. And I think the president is right," Miran stated.
Broader Context and Implications
China's Ministry of Commerce issued a statement suggesting it is still evaluating the trade environment. Miran highlighted that ongoing dialogue, even without formal announcements, is a positive development. "Talking is better than not talking," he noted.
When asked whether the U.S. might revisit purchase agreements similar to those reached with China in 2020, Miran suggested that each trading partner presents unique dynamics but such mechanisms "should definitely be on the table."
Market Reactions to Statements
While specific details remain uncertain, comments from the president's top economic advisor have buoyed crypto and equity markets. Notably, Bitcoin ($BTC) is holding the $97,000 level and appears poised to retest the $100,000 mark soon after panic selling in early April dropped the coin to around $75,000.
Statements from the White House economic advisor raise questions about the potential normalization of trade relations between the U.S. and China, which may positively impact markets.
