After two days of talks in London, the U.S. and China have agreed in principle on a framework to carry out an agreement they reached on resolving their trade disputes last month, Chinese state media said.
Developing countries owe billions to China, which threatens to undermine poverty reduction efforts and fuel instability, according to a new report from Australia's Lowy Institute.
U.S. levies on Chinese goods will drop from at least 145% to 30% for an initial period of 90 days, while Chinese levies are set to fall from at least 125% to 10% on American goods.
Trade negotiators from the U.S. and China are starting talks this weekend in Switzerland. These are the first high-level trade talks between the two countries since President Trump returned to the White House.
Shein and Temu goods might not be so cheap anymore. Starting today, the U.S. will start collecting import fees on small packages from China, much of which comes from Chinese e-commerce sites.
China will impose additional tariffs of up to 15% on imports of U.S. farm products, including chicken, pork, and soy. They follow Trump's order to raise tariffs on imports of Chinese products to 20%.
President Trump is threatening to put more tariffs on China. But the U.S. rival is in a better position to ride out American economic retaliation, says former U.S. Ambassador to China Winston Lord.