Countries to lower reciprocal tariffs by 115% as US treasury secretary says ‘neither side wants a decoupling’
China and the US have agreed a 90-day pause to the deepening trade war that has threatened to upend the global economy, with reciprocal tariffs to be lowered by 115%.
The 90-day lowering of tariffs applies to the duties announced by Donald Trump on 2 April, which ultimately escalated to 125% on Chinese imports, with Beijing responding with equivalent measures.
China also imposed non-tariff measures, such as restricting the export of critical minerals that are essential to US manufacturing of hi-tech goods.
If people are forced to still spend an extra 30% on a wide variety of items, they’re going to have to save that money elsewhere by not buying something.