What does the US-China tariff deal mean?
Summary
The US and China have agreed to lower some of the taxes they put on goods from each other, soothing tensions in their trade relationship. This deal reduces some tariffs and pauses others for 90 days, potentially easing the trade conflict between the two countries.Key Facts
- The US and China agreed to reduce tariffs on goods traded between the two nations.
- Some tariffs will be completely removed, while others will be paused for 90 days.
- US tariffs on Chinese goods will drop from 145% to 30%, and Chinese tariffs on US goods will fall from 125% to 10%.
- China has also stopped some non-tariff barriers, like blocking certain mineral exports to the US.
- The US will keep a 20% tariff to pressure China to tackle illegal fentanyl trade.
- Talks for this agreement took place in Switzerland.
- The US exports to China include soybeans and petroleum; China exports electronics and toys to the US.
- The US imports more from China than it exports, which has been a concern for the US government.
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