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 can’t believe Trump actually got it through his thick skull that trade war bad. No literally, I can’t believe it. I wonder what happened to make him agree to this.
He didn’t. This is just a short delay. Trade war resumes in 90 days. We already have empty ports. There’s not going to be a ton of extra buying with the expiration of the tariff-suspense looming and how long it takes to fill and ship orders that distance.