China pauses 24% tariff rate on US good for 90 days
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Amid trade talks between world's most powerful nations, China announced that it is pausing 24% tariff rate on United States good for 90 days.After talks with Chinese officials, the US said on Monday the two sides had agreed to a 90-day pause under which Washington will cut tariffs on Chinese imports to 30% from 145% and Chinese duties on US imports will drop to 10% from 125%.Trump launched a trade war during his first term as well, taking particular aim at China by putting taxes on most of its goods. Beijing responded with its own retaliatory tariffs on a range of U.S. products. Trump used the threat of more tariffs to force Canada and Mexico to renegotiate a North American trade pact, called the U.S.-Mexico-Canada Agreement, in 2020.
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