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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