In a significant diplomatic move, the U.S. and China reached an agreement to cut tariffs on goods exchanged between the two nations, as announced by the White House. This agreement allows for a 90-day pause on high tariffs while trade talks continue, with each country lowering tariffs by 115%, though an additional 10% tariff will remain in place. Furthermore, the recent changes do not address the de minimis loophole, impacting how inexpensive goods can be imported duty-free and potentially affecting online retailers. The overall effects of these changes remain to be seen as negotiations are ongoing.
The reductions in tariffs are a significant step, but are only a pause of 90 days while the U.S. and China continue their trade talks, which suggests ongoing negotiations ahead.
The U.S. and China have agreed to lower tariffs by a total of 115%, with additional tariffs for specific goods remaining intact, showcasing a complex trade relationship.
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