China Pauses Some Measures on US Entities
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China, US tariffs
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The move by the Trump administration to lower tariffs on goods from China to 30% from 120%, still offers limited reprieve for US small businesses, who remain cautious as tariffs are still sky high by historical levels and are also pressuring profits.
Online shoppers in the U.S. will see a price break on their purchases valued at less than $800 and shipped from China after the Trump administration reached a truce with Beijing over sky-high tariffs
Trade experts anticipate a spike in trade during talks and a substantial deal, but the risk of inflation and economic slowdown may not be over.
Both nations pledged to cut their broad, ballooning tariffs after weekend talks. US tariffs dropped to 30% from 145%, while China’s moved to 10% from 125%, per a joint statement
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Chinese leader Xi Jinping has taken aim at “bullying” and “hegemonism,” in his first public remarks since a temporary truce over tariffs was agreed in the trade war between the United States and China.
The US has made it clear to China that failing to coordinate on the fentanyl issue comes at a cost, according to Nicholas Burns, American’s former ambassador to Beijing.
China will lower its tariffs on U.S. goods to 10% for an initial 90 days starting from 12:01 pm (0401 GMT) on Wednesday, Chinese finance ministry said in a statement on Tuesday.