With the United States and China agreeing to lower tariff rates after bilateral trade talks held over the weekend in Switzerland, the triple-digit duties imposed since April have been significantly reduced.
The headline changes seem simple enough: for the next 90 days, Chinese goods shipped to the US will be subject to at least 30 per cent in tariffs, and American exports will receive a minimum 10 per cent in duties, down from the respective 145 and 125 per cent rates levelled in the wake of the “Liberation Day” tariff package unveiled by US President Donald Trump on April 2.
