China and the US have agreed to slash tariffs on each other’s imports for 90 days. China have reduced their tariffs to 10% on US imports, while the US had reduced its tariffs on Chinese imports to 30%, with some exceptions.
The new tariff rates will start on Wednesday, May 14, and represent a drop of 115% from recently introduced tariffs which were effectively acting as a trade embargo between the two world’s largest economies. The rates also include Hong Kong and Macau from a US import perspective Hong Kong had not retaliated on the US by lifting tariffs maintaining its place as a free trade port.
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