'I can get my Christmas tree order' - firms give sigh of relief at tariff truce
Summary
The United States and China have agreed to reduce tariffs, lowering them from 145% to 30% for US imports and from 70% to 10% for Chinese goods. This development eased concerns for businesses like New York retailer Morris Dweck, who had been affected by the tariffs but can now resume shipments.Key Facts
- The US and China have agreed to decrease tariffs that were recently increased.
- The US will reduce tariffs from 145% to 30%.
- China will lower tariffs on US products to 10%.
- These tariff changes help businesses like Morris Dweck's, a New York retailer, who faced issues due to high tariffs.
- Lower tariffs may prevent a steep drop in US spending and business activity.
- The reduction in tariffs has reduced the chance of a recession, according to firms like Oxford Economics and Goldman Sachs.
- Planned shipments from China to US ports had fallen by 60% but may recover with the tariff changes.
- Businesses are preparing for possible future tariff changes by looking for suppliers in other countries.
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