China, White House and tariff
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China, Donald Trump and tariffs
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A White House executive order said on Monday that the U.S. would cut the "de minimis" tariff on China shipments to 54% from 120%, with a minimum flat fee of $100 to remain starting from May 14.
The Trump administration has made moves to ease tariff tensions with China, but the situation remains uncertain in the longterm.
The Trump administration has lowered the tariff on low-value shipments (under $800) from China and Hong Kong from 120% to 54%, as part of a temporary trade
It’s important to understand how quickly we were able to come to an agreement, which reflects that perhaps the differences were not as large as maybe thought.”
Chinese leader Xi Jinping has taken aim at “bullying” and “hegemonism,” in his first public remarks since a temporary truce over tariffs was agreed in the trade war between the United States and China.
Both nations pledged to cut their broad, ballooning tariffs after weekend talks. US tariffs dropped to 30% from 145%, while China’s moved to 10% from 125%, per a joint statement
Henry Ford, the founder of the car company that bears his name, went to the White House to plead with the president personally, urging him not to sign a tariff bill — the now infamous Smoot-Hawley Tariff Act — which Ford considered “an economic stupidity.