Tariffs

The 25% tariff on U.S. whiskey will be removed in January. Gone too will be the tariffs on U.S. motorcycles and denim, all levied during the Trump administration's trade battle with the E.U.

So far, President Biden has kept the steep tariffs on Chinese goods put in place by his predecessor. On Monday, his administration plans to unveil details of its own trade policy with China.

A new trade deal with Europe lifts tariffs that had put American lobster producers at a competitive disadvantage.

The reduced tariffs are to take effect next Feb. 14. The move comes after the Trump administration agreed to halve tariffs on about $112 billion in Chinese goods.

President Trump signed a trade deal with China on Wednesday. The agreement relaxes some U.S. tariffs on Chinese imports. In exchange, China is expected to buy more from the U.S.

The U.S. economy is still growing, but trade tensions have taken a toll — especially on factories and farms. The trade war's impact on the overall economy is being debated.

"A China trade deal is dependent on one thing — do I want to make it," the president said, adding, "In some ways, I like the idea of waiting until after the election for the China deal."

The trade war with China is weighing on America's manufacturers. "[The tariff burden] comes out of our bottom line," says Dan Digre, president of Misco, a speaker-maker in Minnesota.

President Trump says a mini trade agreement with China could happen "soon," but he offered no guarantees. In a speech to the Economic Club of New York, Trump downplayed the cost of his trade war.

China is considered the motherland of aquarium goldfish, bred over centuries into rare forms. Now tariffs have some U.S. sellers of these goldfish in a tailspin.