US and China temporarily lower tariffs to start trade negotiations
Monday, 12 May 2025 () The White House and China have issued a joint statement, announcing a 90-day reduction in tariffs in a cool-down period to kick off negotiations for a new trade deal.
Donald Trump's signed tariff plan - Photo credit CNBC
Of all the US firms and consumers affected by Trump's "reciprocal" tariffs, ones importing goods from China have been hit the most. While Apple got a wide-ranging tariff exemption, other tariffs were unquestionably going to be applied at some point. Even with the exemptions, Apple had to perform logistical gymnastics to get the costs of tariffs down to $900 million in the next quarter.
Now according to Bloomberg, the two countries have announced a 90-day pause in their tariffs. The pause does not entirely remove the recent tariffs, and it does not affect those tariffs introduced by Trump during his first administration — including a 20% one on smartphones.Continue Reading on AppleInsider | Discuss on our Forums
US and China announce substantial reductions in tariffs for 90 days
The US and China agreed to lower tariffs for 90 days on Monday, as the world’s two biggest economies attempt to cool an escalating trade war.
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Monday, 12 May 2025 ()
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