Last Week Today Episode 197 Show Notes for Tuesday, May 13th, 2025
US Agreements with China & UK, Carney’s Cabinet, Alberta’s Separation Anxiety, India-Pakistan Ceasefire, the Wealthiest & Global Warming, CDN Telco’s Profit from Immigration, Leo XIV & Digital ID.
US Agreements with China & UK
The US and China announced Monday that they would lower many tariffs between the two countries for 90 days — a move "that resets the tone between the world’s two largest economies.”
As outlined in the May 12th, 2024 Reuters post, “Stocks, dollar surge as US and China agree 90-day tariff relief,” global stock markets have rallied on the announcement.
As outlined in the agreement:
US President Donald Trump's "reciprocal" tariff on China, placed to encourage an agreement, will fall to 10% from 125% now that an agreement is in place.
A separate 20% tariff the US president imposed over what he described as China's role in the fentanyl trade will remain.
Beijing will cut its retaliatory levies on US goods to 10% from 125%.
The U.S. said reductions will last 90 days while talks continue. According to Treasury Secretary Scott Bessent, meetings over a fuller deal would likely start in the next few weeks, but it woul…
