The United States has reached a trade deal to reduce the 145% tariffs on China down to 30%. China has reduced the 125% tariffs on the United States down to 10%. This deal, however, is temporary as the tariff reductions are only set to last 90 days. This deal will most likely become permanent due to the necessity of both sides to make it happen. As a result of the high tariffs, China’s economy has tanked. Some experts say that the damage done to the people of China economically is worse than the fallout from COVID. The United States has suffered as well, with some experts predicting “empty shelves”… although that might be a bit of an overreaction to the added costs of some goods due to tariffs.
SOURCES:
Stocks soar as US and China agree to slash tariffs – ABC News
U.S. and China agree on 90-day pause to cut reciprocal tariffs – YouTube
