ORLANDO, Fla. — The United States and China reached an agreement overnight to suspend most trade tariffs for 90 days.
The White House announced the details of the deal early Monday morning.
The U.S. will reduce its 145% tariff rate on Chinese goods to 30%, while China will decrease its 125% tariff rate on U.S. goods to 10%.
Experts say both sides must de-escalate the trade war.
“We have, right now, no ships leaving China for the West Coast,” said Josh Lipsky, chair of international economics at the Atlantic Council. “That’s the first time we’ve seen that since the COVID pandemic. We are hearing retailers talk about empty store shelves within weeks.”
The U.S. says both sides have established consultations to continue discussing their trade issues.
See more in the video above.
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