Over the weekend, the U.S. and China agreed to temporarily lower tariffs on each other’s products, which Bloomberg called a dramatic ratcheting down of trade tensions between the two largest economies in the world. For the next 90 days, the combined 145 percent levies on most Chinese imports will be dropped to 30 percent, including the rate tied to fentanyl by May 14. The 125 percent Chinese duties on U.S. goods will drop to ten percent. Treasury Secretary Scott Bessent said the two sides are in agreement that they don’t want to decouple from each other. “We’d love to see China more open to U.S. goods,” Bessent said. “We hope that there will be a purchase agreement that pulls what is our largest bilateral trade deficit back into balance.” The tariff pause with China could at least temporarily help calm some concerns from the U.S. agriculture industry about exports.
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