A prominent Wall Street economist said that President Donald Trump’s tariff policies, which he initially warned would trigger a recession by the summer, were more strategic than he believed.

Torsten Sløk, chief economist at Apollo Global Management, wrote in a recent analysis that although the uncertainty surrounding U.S. trade policy has started to weigh on the economy, Trump could lower tariffs on most of the U.S. trading partners while using the levies to boost federal revenue, the New York Post reported Friday.

Sløk’s analysis came before the U.S. and China announced Friday they reached the framework of a trade agreement, including a commitment from China to deliver rare-earth minerals. Trump imposed a July 9 deadline on reciprocal tariffs on a host of nations, hoping to secure better trade deals, but White House press secretary Karoline Leavitt told reporters Thursday the deadline could be extended.

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