President Trump continues to walk back his trade war by degrees, and markets continue to cheer. That’s the big story in Thursday’s announcement that the U.S. and the United Kingdom have struck a new trade deal.
Many details need to be worked out, but the deal marks another step back from Mr. Trump’s “liberation day” tariffs of April 2. The President and his advisers promised no exceptions at the time, but the markets staged a revolt. Mr. Trump then offered a 90-day reprieve to everyone but China to negotiate deals that pull the U.S. and the world back from the trade-war abyss.
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