China, Donald Trump
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Inquirer Business on MSNChina, US slash sweeping tariffs in trade war climbdownThe United States and China slashed sweeping tariffs on each others’ goods for 90 days on Wednesday, after a temporary ceasefire in a brutal trade war that roiled global markets and international supply chains.
The U.S. and China agreed to lower tariffs for 90 days. The details: U.S. tariffs on Chinese goods will fall to 30 percent from 145 percent. Meanwhile, China’s blanket tariffs on U.S. products will drop to 10 percent from 125 percent. A few tariffs will remain. President Donald Trump signed an order to lower prescription drug prices.
WASHINGTON (AP) — Online shoppers in the U.S. will see a price break on their purchases valued at less than $800 and shipped from China after the Trump administration reached a truce with Beijing over sky-high tariffs.
The weekend deal adds to the sense that President Donald Trump may be backing off some of the more stringent trade tariffs.