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US & China Reduce Tariffs
Last night the U.S. and China announced a cooling of the ongoing economic dispute by mutually reducing tariffs on good traded between the two counties for 90 days with the expectations that negotiations will continue. The U.S. will reduce tariffs on Chinese goods to 30% down from 145%; China will drop their tariffs to 10% down from 125%. The difference is due to continued U.S. imposition of 20% tariffs related to the import of fentanyl into the U.S. from China.
Secretary of the Treasury Scott Bessent and U.S. Trade Representative Jamieson Greer met with the Chinese over the weekend in Geneva with Chinese officials to reach the unexpected agreement.
The White House Fact Sheet may be viewed here.
The U.S.-China Joint Statement regarding the de-escalation may be reviewed here
Source: Hardwood Federation