Action: US and Chinese negotiators reached an agreement to reduce tariffs on much trade between the two countries for 90 days while a longer-term agreement is developed. Under the agreement, US tariffs on covered Chinese goods will be reduced to 30%, and China will lower its retaliatory tariffs to 10% on covered US goods. The reduced tariff of 30% for Chinese goods includes the 20% tariffs imposed on China due to the declared national emergency on fentanyl and the 10% “reciprocal” tariff imposed as a minimum tariff on goods from all countries due to US concerns about goods trade imbalances.Key Insights
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