China celebrates hard-line stance
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China, tariffs
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China’s percentage of U.S. trade hit 7.65% in March, the latest government data available, the lowest figure since 2003. That was before Trump's April 2 "Liberation Day."
The recent deal between the United States and China to pause trade hostilities for 90 days will likely spur renewed activity throughout China's mammoth manufacturing sector, with repercussions for the country's energy needs.
China’s big appetite for the small, green “happy nuts” drives nearly a third of the $3 billion U.S. crop, centered in California.
The U.S. agreed to cut tariffs on Chinese goods from 145% to 30%, while China committed to reduce tariffs on U.S. products from 125% to 10%. The lowered tariffs will remain in place for 90 days while the two sides negotiate a wider trade deal.
Both nations pledged to cut their broad, ballooning tariffs after weekend talks. US tariffs dropped to 30% from 145%, while China’s moved to 10% from 125%, per a joint statement
Trade experts anticipate a spike in trade during talks and a substantial deal, but the risk of inflation and economic slowdown may not be over.
CBIZ has launched a new tariff solution service aimed at helping businesses navigate the complexities of changing trade rules, particularly in light of ongoing US-China trade tensions.