The temporary lifting of triple-digit trade levies between China and the U.S. while trade talks get under way removes the threat of an immediate stagflationary hit to the economy. This is very good news.

The trade deal struck last week between the United States and Britain is probably not going to serve as a template for a trade agreement between the U.S. and the European Union, Lithuania's Finance Minister Rimantas Sadzius said on Tuesday.

Over the weekend, both the U.S. and China agreed to reciprocally slash tariffs on each other for 90 days from 125% to 10% — much more than expected.