Tariffs

Trump says U.S. and China reach partial trade agreement

This illustration shows George Washington and Mao Zedong as they appear on currency
Illustration: Axios Visuals

President Trump said the U.S. and China reached a partial trade deal on Friday that included an agreement from the U.S. to suspend a planned 30% tariff spike on Oct. 15, while China will buy $40-50 billion worth of U.S. agricultural goods.

Why it matters: The ceasefire comes as the U.S. economy is showing signs of weakness as a result of the trade war — threatening the economic gains Trump has counted on to carry him to re-election in 2020.

U.S. retail imports are surging ahead of new tariffs

Data: National Retail Federation, Hackett Associates; Chart: Axios Visuals

Ahead of expected tariff increases on consumer goods from China, imports at the nation’s major retail container ports are expected to hit their highest level of the year in November.

Why it matters: The report is the latest data point to show that President Trump's trade war is spurring an increase, rather than a decrease, in buying from China and other foreign exporters. The pace of imports at retail container ports has consistently risen during Trump's time in office.