January 17, 2020
Since 2018, the global economy has been hindered by the expansive ramifications of the trade war between the U.S. and China. Over the previously mentioned timeframe, global trade has declined, tariffs have been implemented, supply chains have been rerouted, manufacturing has suffered, business confidence has plummeted and monetary policy has eased. A nascent resolution to the trade war became official this week when Phase One of the deal was signed. As part of the agreement, the U.S. has arranged to cut in half the 15% tariff rate on $120 billon of Chinese imports and not place a 15% tariff on $150 billion of primarily consumer goods, which was scheduled to go into effect last month. The U.S. will still enforce the 25% tariff on $250 billion of Chinese imports.
Click below to listen to this week's Peapack Private Wealth Management Market Report as heard on WCBS NewsRadio 880.