Tariffs

Trump Makes Deals with China, UK

pgnewser May 14, 2025

In a dramatic shift in the tariff war dynamic, two major deals were announced by Donald Trump, one with the UK and one with China, the latter being even more impactful on the tariff wars than the former.

The UK deal includes a 10% baseline tariff on most imported UK goods still in place but an elimination of UK Steel tariffs and a reduction on UK auto tariffs from 27.5% to 10%. In exchange, the UK will eliminate tariffs on U.S. ethanol and U.S. beef, as well as reductions and eliminations on “U.S. machinery, sports equipment, and other agricultural products.”

The China Trade deal will see China’s import tariff reduced from 145% to 30% for 90 days. In exchange, China will reduce U.S. import tariffs from 125% to 10% for 90 days as well. They will also remove all retaliatory tariffs for 90 days. The deal also included an informal agreement China will work on preventing fentanyl from reaching U.S. shores.

Trump: Trade deal with Beijing will open up Chinese market for US businesses – Apa.az
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U.S. automakers blast Trump’s UK trade deal– japantoday.com

pgnewser May 9, 2025

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The Trump administration’s latest trade deal with Britain unfairly penalizes U.S. automakers that have partnered with Canada and Mexico, a trade group representing Detroit automakers said Thursday.

In a sharply-worded statement, the American Automotive Policy Council (AAPC) said the U.S.-UK trade deal “hurts American automakers, suppliers, and auto workers,” according to the group’s president Matt Blunt.

The deal unveiled Thursday between U.S. President Donald Trump and British Prime Minister Keir Starmer lowers the tariff on British vehicles to 10 percent from 27.5 percent on the first 100,000 cars shipped from Britain to the United States.

China Sales To US Drop Amid Donald Trump’s Tariffs War– www.ndtv.com

pgnewser May 9, 2025

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China said Friday sales to the United States slumped last month while its total exports topped forecasts, as Beijing fought a gruelling trade war with its superpower rival.

Trade between the world’s two largest economies has nearly skidded to a halt since US President Donald Trump imposed various rounds of levies on China that began as retaliation for Beijing’s alleged role in a devastating fentanyl crisis.

Tariffs on many Chinese products now reach as high as 145 percent — with cumulative duties on some goods soaring to a staggering 245 percent.

Beijing has responded with 125 percent tariffs on imports of US goods, along with other measures targeting American firms.

Trump administration may half 145% China tariff to 50% next week: Report– timesofindia.indiatimes.com

pgnewser May 9, 2025

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The Trump administration is considering cutting the steep 145% tariff on Chinese imports by more than half, possibly as early as next week, as US and Chinese officials gear up for high-level trade talks in Switzerland,

The New York Post

reported, citing sources close to the negotiations.US officials are reportedly weighing a reduction of the levy to somewhere between 50% and 54%, a move aimed at easing tensions as trade negotiations unfold.

China, U.S., Headed to Trade Talks in the Alps

pgnewser May 7, 2025

Switzerland will be the home of high-level trade talks between the U.S. and China. These talks will most likely be the opening salvos in a series of talks that will eventually end with a trade deal of substance, or so it is “hoped.”

US, Chinese officials to hold trade talks in Switzerland– Channel News Asia
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Excerpt:

Senior US and Chinese officials will travel to Switzerland later this week to kickstart stalled trade talks following President Donald Trump’s sweeping tariff rollout, according to statements from both countries.

The talks mark the first official public engagement between the world’s two largest economies to resolve a trade war escalated by Trump shortly after his return to office in January.

Treasury Secretary Scott Bessent and US Trade Representative (USTR) Jamieson Greer will attend the talks in Europe for the United States, their offices said.

Vice Premier He Lifeng will attend for Beijing, China’s Ministry of Foreign Affairs announced.

“Vice Premier He, as the Chinese lead person for China-US economic and trade affairs, will have a meeting with the US lead person Treasury Secretary Scott Bessent,” the Chinese foreign ministry said on Wednesday (May 7).

The USTR announced that Greer would also meet with “his counterpart from the People’s Republic of China to discuss trade matters”, without naming He…

Dow drops 400 points as investors await trade deals, Fed decision: Live updates – CNBC– news.google.com

pgnewser May 6, 2025

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  1. Dow drops 400 points as investors await trade deals, Fed decision: Live updates  CNBC
  2. Stock Market Today: Dow, S&P 500 Futures Dip After Wall Street Breaks Winning Streak — Live Updates  WSJ
  3. World shares mostly slip after Wall St breaks its winning streak  AP News
  4. Wall Street wobbles as markets navigate through tariff uncertainty; Fed in focus  Reuters
  5. Stock market today: Dow, S&P 500, Nasdaq slide ahead of Fed decision as tariff fears reemerge  Yahoo Finance

US trade deficit surges to record high in March– www.channelnewsasia.com

pgnewser May 6, 2025

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WASHINGTON: The US trade deficit widened to a record high in March as businesses boosted imports of goods ahead of tariffs, which dragged gross domestic product into negative terrain in the first quarter for the first time in three years.

The trade gap jumped 14 per cent to a record US$140.5 billion from a revised US$123.2 billion in February, the Commerce Department’s Bureau of Economic Analysis (BEA) said on Tuesday (May 6).

Economists polled by Reuters had forecast the trade deficit rising to US$137.0 billion from the previously reported US$122.7 billion in February.

President Donald Trump’s sweeping tariffs, including raising duties on Chinese imports to a staggering 145 per cent, fueled a rush by businesses to bring in merchandise to avoid higher costs.