Trump's week in review: Middle East trip, trade deal with China, investigating the abortion pill
4. Trump reaches trade deal with China
In a statement published Monday, the White House announced that Trump had reached an agreement with China that will "reduce China's tariffs and eliminate retaliation, retain a U.S. baseline tariff on China, and set a path for future discussions to open market access for American exports."
As part of the agreement, negotiated last weekend in Switzerland, both countries will reduce tariffs on goods made in the other country by 115%.
A 10% tariff will remain in place on goods made in China for the stated purpose of establishing a "fair baseline that encourages domestic production, strengthens our supply chains and ensures that American trade policy supports American workers first, instead of undercutting them." In addition to drastically reducing tariffs, both nations agreed to "take aggressive actions to stem the flow of fentanyl and other precursors from China to illicit drug producers in North America."
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While the tariffs significantly reduced by the agreement were part of reciprocal tariffs imposed on nations worldwide, tariffs imposed at an earlier date, "in response to the fentanyl national emergency," will remain in effect.
Ryan Foley is a reporter for The Christian Post. He can be reached at: [email protected]
