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.
I work in a factory in R&D, we are planning a factory out. What you are saying is absolutely true. After a certain point the tariff walk backs are irrelevant because big purchases have already been made which locks the choice in. This point has already been hit and upper management, hell honestly even vendor we talk to, has zero confidence in how everything will play out until trumps out of office.