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The US will cut tariffs on Chinese imports from 145% to 30%.
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The Trump administration has touted some new trade deals, but the potential impacts of tariffs still loom.
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After passing deadlines that saw American businesses and consumers paying more than double the price for imported goods from China, the two countries have agreed to a temporary, 90-day truce. CNN reports that the US will temporarily lower the import taxes from an unprecedented 145 percent on the most-impacted goods to "just" 30 percent, starting on May 14th. China is cutting its similar American import levies down to 10 percent. China is also loosening its grip on exports for rare earth minerals, among other countermeasures.
Paying a 30 percent import tax on goods is still a huge burden on American businesses that rely on low-cost manufacturing from China, but it's at least manageable for most. Some businesses were dealing with an existential crisis due to the Trump administration's policies, with many simply pausing sales in the United States or facing closure entirely.
Even with exceptions carved out for highly visible niches like smartphones and PCs, the electronics industry was — and in
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Investors are forecasting fewer Fed cuts after a Trump issued a 90-day reprieve on triple-digit tariffs on China. Here's what that means for mortgage rates.
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