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US and China Agree to 90-Day Tariff Truce

2025-05-12

The US and China announced a temporary agreement to lower tariffs, offering a 90-day truce in their ongoing trade war. The US will reduce tariffs on Chinese imports from 145% to 30%, while China will lower tariffs on US goods from 125% to 10%. Both sides cited a desire to avoid economic decoupling and buy time for further negotiations. The agreement offers a lifeline to American businesses that had suspended orders, hoping for a tariff reduction amid rising prices.

Apple Ditches Goldman Sachs Credit Card Partnership

2025-04-04

Apple is ending its credit card partnership with Goldman Sachs, according to the Wall Street Journal, marking a significant setback for Goldman's consumer lending ambitions. Apple plans to exit the partnership within the next 12-15 months, encompassing both the 2019-launched credit card and this year's savings account. Goldman's substantial losses in building its consumer banking operation led to this decision. While customer satisfaction was reportedly high, Goldman's acquisition costs—estimated at $350 per cardholder—were astronomically high, likely contributing to the partnership's demise.