Trump Administration Strikes Tariff Truce with China
The Trump administration has reached an agreement with China to lower tariffs on goods imported into the U.S. Tariffs on low-value parcels from China will drop, and China will reciprocate by reducing tariffs on U.S. goods. The changes are temporary as both nations work towards a long-term solution.
- Country:
- United States
In a recent development, online shoppers across the United States received welcome news of reduced tariffs on low-value parcels from China. The Trump administration announced that tariffs would be cut to 54% from a staggering 120%, following negotiations with Beijing.
This executive order, effective Wednesday, includes maintaining a per-package flat rate of $100, suppressing a previously planned increase to $200. The broader agreement saw the U.S. and China mutually reduce tariffs on each other's goods, with U.S. import duties dropping from 145% to 30%, and China's from 125% to 10%.
Industry insiders, including logistic company Portless' CEO, express optimism towards these changes. While the tariff is still high, it's not as burdensome as before. The U.S. Customs highlights that millions of parcels enter the U.S. daily, primarily from China, underlining the significance of this new arrangement.
(With inputs from agencies.)
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