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.
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.