Wharton Professor of Finance and WisdomTree Senior Economist Jeremy Siegel says the U.S.-China trade deal was a lot better than anyone was anticipating, and he expects it to stay that way.
What To Know: The U.S. and China agreed to a temporary trade deal over the weekend in which U.S. tariffs on Chinese goods will be cut from 145% to 30%, and Chinese tariffs on U.S. goods will be slashed from 125% to 10%.
Tuesday on CNBC’s “Squawk On The Street,” Siegel called it an “amazing” deal for everyone involved, including market participants.
“There was no analyst out there that predicted that we’d come to an agreement — at least a tentative agreement — so quickly, and actually specify tariff levels as low as they came in,” Siegel said. “It was like, wow, this is great news.”
Trump had been forecasting a potential lowering of tariffs to the 50% to 80% range, so the 30% announcement took markets by surprise, which spurred a massive rally across markets, he explained.
Siegel told CNBC …