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%.
Treasury Secretary Janet Yellen is on her way to Beijing for talks with her Chinese counterparts. The meeting comes at a tense time, with tit-for-tat trade restrictions and rising strategic frictions.
The Biden administration hopes to make deeper inroads in Southeast Asia but lags far behind China, which has already built up major trade ties, as well as roads and a high-speed rail.
Silicon Valley entrepreneurs, Midwestern farmers and Wall Street investors all see China as a business opportunity. Yet in Washington, China is first and foremost a security threat.
The president-elect can undo many of Trump's tariffs with the stroke of a pen, but he's unlikely to do so now that the tenor of the U.S.-China relationship has changed.
What it means for the U.S. to be on the sidelines of another major trade agreement, the Regional Comprehensive Economic Partnership, which 15 countries agreed to Sunday.
