Trump lowers tariffs on Chinese goods

The United States has cut the overall tariff rate on Chinese goods to 47%, President Trump said Thursday, after making progress with China on imports of soybeans, rare earth minerals and fentanyl.

"We reduced it... We've already seen the actions on fentanyl and they're taking very strong actions. So they reduced it to 10%," Trump said, speaking aboard Air Force One after meeting with Chinese leader Xi Jinping in South Korea.

Trump added that the reduction will take effect immediately, meaning the overall tariff rate on Chinese exports to the US will drop from 57% to 47%.

U.S. Trade Representative Jamieson Greer, who was with Trump as he spoke to reporters, said some specific products would continue to have higher tariffs. “For some individual products, it could go up to 100%. But overall, it’s about 45, 47%,” Greer said.

The global economy has been rocked for months by rising tariffs, export controls and other penalties as the US and China have vacillated between escalation and negotiations in their trade war./ CNA

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