US President Donald Trump announced tariff cuts on fentanyl-related products from China, reducing them from 20% to 10%. This decision is part of an agreement reached at a summit in South Korea last October. This move aims to ease trade tensions between the world's two largest economies.
Trump also announced a freeze on reciprocal tariffs imposed on Chinese goods. This freeze will remain in effect, providing some relief to companies engaged in international trade with China. This policy is expected to help ease trade tensions that have persisted for the past few years.
This tariff cut will take effect on November 10. This move is part of the US and China's efforts to reach a more stable agreement in their trade relationship. This, in turn, both countries hope to mitigate the negative impact on the global economy.
This move also reflects Trump's efforts to reduce US reliance on higher tariffs and create more favorable trading conditions. Meanwhile, despite progress, a number of major challenges remain in trade talks between the US and China. (azf)
Source: Bloomberg
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