U.S. & China Agree to Temporary Trade Truce, Easing Tariffs
The U.S. and China have reached a temporary trade agreement, effective May 14. This pause in tariffs may bring short-term relief to consumers and businesses. Both countries have agreed to discuss further market access for American exports.
The U.S. will retain duties like Section 301 and Section 232 tariffs. However, China will suspend its 34 percent retaliatory tariff and non-tariff countermeasures for 90 days. This means consumers may see a drop in prices for imported Chinese goods, potentially boosting confidence.
The agreement also involves a reduction in tariffs. Each country will lower tariffs by 115 percent, keeping an additional 10 percent tariff in place. This move provides relief for supply management organizations, professionals, and consumers. The duties on Chinese imports imposed on April 8-9 are also suspended, reducing the total percentage from 145 percent to 10 percent.
While the U.S. retains some duties, the pause in Chinese tariffs and the reduction in others offer a brief respite. Both countries have agreed to a path for future discussions, opening market access for American exports. However, there's no specific statement from the White House about countries planning to open trade access for U.S. exports.
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