Trump Retreats From Trade War With China; Tariffs to Be Reduced
U.S. President Retreats from Tariff War Against China, Says Duties on Chinese Goods Will Be Reduced
According to teh English section of Webangah News Agency, citing Mehr News Agency and TASS, Donald Trump, the U.S. President, stated that the country will reduce tariffs on Chinese imports but emphasized that these duties will never drop to zero.
Speaking to reporters at the White House, Trump said, “The 145% tariff is too high and won’t remain this elevated forever. It will be considerably reduced but never eliminated.”
The U.S. President noted last week that the current 145% tariff may be lowered and further increases are unlikely.He acknowledged that the negative economic effects of higher tariffs would linger in the U.S. for some time but added, ”We’re doing very well. The market’s upward trend is encouraging—though temporary.”We are on good terms and progressing with all countries.According to his claim,virtually all countries seek cooperation with the U.S., and this country has something to offer its trade partners. On April 2nd, trump announced tariffs on imports from 185 countries and territories.
Trump’s global tariffs,with a base rate of 10%,took effect on April 5th,while separate tariffs for certain countries,including china,were implemented on april 9th. On April 9th, Trump suspended the independent customs duties imposed on imports from certain countries for 90 days.
At that time, the White House stated that the base tariff of 10% would remain in effect but negotiations with trade partners regarding separate tariffs would take place during this period. This tariff suspension occurred while increasing duties on Chinese goods to 125%.
Given the initial 20% tariff imposed on Canada,China,and Mexico for what was deemed insufficient efforts to combat “fentanyl” smuggling…The imposed tariffs against China have collectively reached 145%.
Currently, China’s retaliatory tariffs against the U.S. remain fixed at 125%.
