America President Donald Trump on Friday announced a major relief for China. Trump has proposed to reduce the tariff imposed on China to 80 percent. It is being seen as a step to reduce the trade war between the two countries. This step of tariff cut has been taken before the meeting between the two countries to be held in this weekend. Senior US officials are scheduled to hold a meeting with a high -level delegation of China in Switzerland later this week. This will be the first major conversation between the two countries after the trade war starts.
At present, America has put 145 percent tariff on China
Following the decision of Trump to impose heavy tariffs on the import, China also took retaliation, after which a trade war-like situation was created between the two countries. In April, China also announced a tariff on the US in response after Trump’s tariff. Now America’s tariff against China is 145 percent while China has put 125 percent tariff on the US. The Trump administration announced on Tuesday that Finance Minister Scott Besant and US trade representative Jamison would meet their counterparts in Greer Geneva.
China is the world’s largest exporter and second largest economy
This will be the highest level of talks between the US and China in the last few months. The decision to reduce customs duty from China on imports has been made amid increasing concern over the prices of consumer goods in the US and the impact of fees on supply. The world’s trade war has caused the world’s largest exporter and the second largest economy, China has suffered the most. Let us tell you that Donald Trump had announced a new tariff policy for different countries of the world. However, Trump had announced a 90 -day relief on tariffs for all countries except China.
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