Trump claims ‘total reset’ of US-China ties as 90-day pause to trade war agreed
www.theguardian.com
Markets rally after Washington and Beijing agree to drastically cut reciprocal tariffs as US treasury secretary says ‘neither side wants a decoupling’

Countries to lower reciprocal tariffs by 115% as US treasury secretary says ‘neither side wants a decoupling’

China and the US have agreed a 90-day pause to the deepening trade war that has threatened to upend the global economy, with reciprocal tariffs to be lowered by 115%.

The 90-day lowering of tariffs applies to the duties announced by Donald Trump on 2 April, which ultimately escalated to 125% on Chinese imports, with Beijing responding with equivalent measures.

China also imposed non-tariff measures, such as restricting the export of critical minerals that are essential to US manufacturing of hi-tech goods.

  • MBech
    10·
    3 days ago

    I’m not saying this was his plan all along, I don’t think he’s smart enough to think it up himself, but this has been a huge success for companies like Wallmart and Amazon, especially if the tariffs are never actually going into effect. The small shops have already had to downsize and even shut down in anticipation. Now Wallmart and Amazon can swoop in and pick up a bigger piece of the market. Bezos is laughing his ass off about how much he’s going to make off of this.

    • thanks AV@lemmy.world
      5·
      3 days ago

      Our ports are literally empty, we have less than a month’s worth of goods left from the last shipment from China, and it takes 8 weeks to cross the pacific ocean with a cargo ship if they sent them today. It absolutely wasn’t the plan, and they probably think this last ditch effort will prevent empty shelves in three weeks. This is too little too late.