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.
Tell that to all the small businesses I’ve already seen laying their staff off and winding down business with what stock they have left. It’s too little too late for them.