The United States and China have announced a 90-day pause on most of their recent tariffs on each other following talks between both countries in Geneva, Switzerland last weekend.
Under the agreement, the US’ combined tariff rate on Chinese imports will be reduced from 145% to 30%. This new rate includes the 20% duty that US president Donald Trump imposed in March over China’s alleged failure to reduce the influx of synthetic opioids, including fentanyl, into the US.
As for the remaining 10%, it is the universal tariff applied to nearly all foreign imports that was announced in April. Meanwhile, China has agreed to reduce its levies on US imports to 10% from 125%. These new rates will come into effect on May 14, 2025.
The US-China deal comes hot off the heels of another deal that Trump made with the United Kingdom on May 8. While the 10% universal tariff is still in place, some steel and aluminium imported from the UK will be tax-free.
Meanwhile, the import tax on cars from the UK, which was raised by 25% on top of an existing 2.5% (to total 27.5%) has been cut to 10% for the first 100,000 vehicles imported into the US. Vehicles within this quota are still subject to the 10% universal tariff, while those brought in above that quota will be subject to 27.5%.
Looking to sell your car? Sell it with Carro.
Meh. Next month declare best friend dah.
The world’s most corrupt President is Trump.He crash the stock market on purpose,then quietly he n his billionaire buddies sapu dirt rock bottom shares,then resell when prices go up.
How on earth did the MAGA Americans vote for him?They forgot Trump downplayed covid,sending millions of Americans to an early grave.
The same Americans who voted him into power,are seeing mass bankruptcies,suicides,mental breakdown,due to rotting soybeans,corn,sesame etc.
Trump should be tried in the Haque..he is worst than Putin and Hitler.
Captain America & MAGA avengers are truly wumao comrades KEK
China 1, US 0…. China can make Trump bow.
Childish acts fueled by greed and jealousy
Everyone is laughing at America. They got worse off after the Art of the Deal negotiation. Before this US goods have no tariff in China. Now no one in China will buy the already expensive US made junks. The US citizens on the other hand will continue to buy Chinese made goods because it is still the cheapest in the market even with the 30% tariff that they have to pay to their government. Bodoh punya deal. Bukan Arts ni. Fart of the Deal ada lah. Lol