The U.S. plans to reduce its 145% tariff on Chinese goods to 30%, while China will lower its own tariffs from 125% to 10%. This suspension will last 90 days during negotiations for a broader trade agreement focused on issues like fentanyl trafficking. American industries, especially homebuilders reliant on imports from China, will benefit from this temporary tariff relief, as previous tariffs significantly raised construction costs. Concerns over inflation and job losses amid the trade war have prompted this pivotal moment in U.S.-China relations.
The U.S. will drop its 145% tariff on China to 30%, while China will lower its levies from 125% to 10% in a temporary suspension.
The deal highlights a focus on combating fentanyl trafficking and comes as many American industries, particularly homebuilders, seek relief from high tariffs.
According to data, tariffs could add anywhere from $12,800 to $22,000 to the cost of building a home, impacting various construction imports.
The reprieve on tariffs signals a critical pause in escalating trade tensions, as fears of shortages, inflation, and job losses have intensified.
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