Summary
The U.S. and China have agreed to ease some tariffs, providing temporary relief to factories in China, including one owned by Derek Wang that makes air fryers for the U.S. Despite this, both countries still maintain certain tariffs on goods, and many Chinese businesses are looking to expand beyond the U.S. market.
Key Facts
- A deal has been reached to ease the trade tensions between the U.S. and China.
- Derek Wang's company in Foshan, China, makes air fryers for the U.S. market.
- U.S. tariffs on Chinese goods used to be as high as 145% but have now been reduced, while a 30% tariff still remains.
- China has lowered its tariffs on American goods from 125% to 10%.
- Businesses in China are now encouraged to look for new markets outside the U.S. to reduce reliance on it.
- Factories in regions like Dongguan have closed due to high tariffs.
- Derek Wang plans to diversify his business away from depending solely on the U.S. market.
- The U.S. and China will engage in further talks after a 90-day ceasefire in their economic tensions.
