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Breaking News: US to lower tariffs on China from 145% to a base 10%, 20% fentanyl levy for 90 days

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The highly anticipated joint US-China statement on the first round of high-level US-China trade talks held over the weekend in Geneva, Switzerland, is out, stating that "the US will modify application of rate of duty on articles of China by suspending 24 percentage points of that rate for initial pe
The United States has announced a significant reduction in tariffs on Chinese goods, lowering them from 14.5% to a base rate of 10%, effective immediately, as part of ongoing trade negotiations aimed at easing tensions between the two economic giants. Additionally, a 20% levy specifically on fentanyl imports from China will be implemented for a 90-day period, reflecting concerns over the opioid crisis and an attempt to curb the influx of the drug into the U.S. This move is seen as a strategic step to foster better trade relations while addressing critical public health issues, with the potential for further adjustments based on the outcomes of the next round of trade talks scheduled for later this year.

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