US and China take a step back from sky-high tariffs and agree to pause for 90 days for more talks
apnews.com
U.S. and Chinese officials said they had reached a deal to roll back most of their recent tariffs and call a 90-day truce in their trade war for more talks on resolving their trade disputes.

U.S. and Chinese officials said Monday they had reached a deal to roll back most of their recent tariffs and call a 90-day truce in their trade war for more talks on resolving their trade disputes.

The U.S. agreed to drop its 145% tariff rate on Chinese goods by 115 percentage points to 30%, while China agreed to lower its rate on U.S. goods by the same amount to 10%.

  • magic_lobster_party@fedia.io
    123·
    2 days ago
    1. Deliberately put your own house on fire.
    2. Let it burn!
    3. Nvm, let’s put out these flames.
    4. Brag about how you saved the house from destruction.

    Art of the deal!

  • mapmyhike@lemmy.world
    76·
    2 days ago

    The damage has already been done. People have already decided not to buy, where not to buy and move toward austerity. Just like during covid, people don’t come back. Trump is an imbecile.

    • NotBillMurray@lemmy.world
      54·
      2 days ago

      Also, it will take weeks for the whole process to get started again. Once deals are made, factories start production again, and containers are loaded onto ships, which will then take weeks to make it across the ocean. We’re talking months of supply chain shocks in the best possible case.

        • PlantJam@lemmy.world
          18·
          2 days ago

          And the companies already harmed by the tariffs, having to pay because their inventory happened to arrive on one of the days tariffs were on. Now they’ve paid, but competitors that had their inventory arrive a week earlier or later didn’t have to pay.

        • Corkyskog@sh.itjust.works
          2·
          2 days ago

          Or they might go to zero percent tomorrow… I expect a lot of importers would anticipate the rate dropping to 10% and will wait. Think of how much a fool you would feel paying 145% tax the other day and the next business now only pays 30% because there goods were a few days behind.

  • Blackout@fedia.io
    52·
    2 days ago

    The news is calling it a “huge win”. Really? It’s a huge win when you shoot yourself and then remove the bullet? They haven’t even closed the wound yet.

  • Gates9@sh.itjust.worksEnglish
    18·
    2 days ago

    So, still artificially created and self-inflicted inflation, with no advantage or extraction at all whatsoever.

  • DarkFuture@lemmy.worldEnglish
    18·
    2 days ago

    “Trump Backs Down And Americans Still Paying 30% Tax On Chinese Goods”

    Thanks conservatives. You’re a bunch of dumbfucks.

  • thedruid@lemmy.world
    37·
    2 days ago

    So we still get worse prices, only this time we get them on top of self inflicted supply issues

    I hate this timeline…

  • tabularasa@lemmy.ca
    7·
    2 days ago

    Importer here.

    Here’s what really bothers me about this narrative. It’s not accurate. People keep throwing out numbers like 145%, 30% etc and it’s wrong. Here’s the true tariffs for importing something from China today, including the HTSUS codes.

    9903.88.01/25% 9903.01.24/20% 9903.01.63/125%

    9903.88.01 was enacted on July 6, 2018. There has never been any talk of this going away.

    This is a 170% tariff. Not 145% tariff.

    So even if they drop the last two tariffs of 145% down to 30%. It’s still a 55% tariff on goods coming from China. Why has literally nobody in the media talked about this or anyone clarified these numbers in any public way?

    Pisses me off. 55% is a huge tariff.

  • njm1314@lemmy.world
    6·
    2 days ago

    A 90-day pause doesn’t do anything. People are not going to make any long-term plans based on 90 days of uncertainty. Who’s going to make a plan for 90 days when day 91 everything could change? If they done this like a month ago maybe it would have helped, but now it’s too late.