US President Donald Trump signed an order Tuesday to lower fentanyl-related tariffs on Chinese products, formalising a key part of his deal with Chinese leader Xi Jinping after their first face-to-face talks in years.
Shortly after returning to the presidency this year, Trump imposed additional tariffs of 20 per cent on goods from China over its alleged role in the fentanyl supply chain.
But China has since made efforts to halt the flow of precursors used to make fentanyl into the United States, after Trump and Xi’s summit last month in Busan, South Korea.
In turn, Washington pledged that it would cut its additional tariffs on Chinese imports from 20 per cent to 10 per cent, effective November 10.
Trump’s order on Tuesday formalizes this agreement, although it says US officials will monitor China’s compliance with the deal.
The US president’s talks with Xi also yielded a slate of other agreements, including a further suspension of steeper tit-for-tat tariffs until November 10, 2026.
Temperatures have spiked between the world’s two biggest economies this year as Washington and Beijing slapped escalating tariffs on each other’s products.
At one point, duties on both sides reached prohibitive triple-digit levels, hampering trade.
Both countries have been engaged in an uneasy truce since top economic leaders met several times for talks in recent months, with tensions surging over export controls and other issues.
But Trump and Xi’s meeting has effectively extended their delicate truce for a year.
-Advertisement-
Grab our latest Magazine, "Chief Wole Olanipekun, CFR, SAN, A man of wide horizons and deep intentions". Get your order fast and stress free.
For more details about Newswire Law&Events Magazine, kindly reach out to us on 08039218044, 09070309355. Email: newswiremagazine@yahoo.co.uk. You will be glad you did
Download E-Magazine
