12/05/2025 10:30
The Guardian
Countries to lower reciprocal tariffs by 115% as US treasury secretary says ‘neither side wants a decoupling’. Plus, meet the TV and film stars who didn’t even actGood morning.China and the US have agreed a 90-day pause to the deepening trade war that has threatened to upend the global economy, with reciprocal tariffs to be lowered by 115%.What does the 90-day pause apply to? With the new deduction, Chinese duties on US goods will be lowered to 10%, while the US tax on Chinese goods will be lowered to 30% (as the US tariffs include a 20% rate imposed by Trump before the latest trade war).Was there any immediate reaction? China’s yuan jumped to a six-month high on the signal that the trade war would be paused. Up to 16m jobs were at risk in China, according to some estimates, while the US faced rising inflation and empty shelves thanks to dizzying tariffs on the biggest supplier of US goods.When was the last time the two leaders spoke? They have not spoken directly since Russia launched its full-scale invasion of Ukraine, and there have been no publicly known talks between Moscow and Kyiv since March 2022, shortly after the war began. Continue reading...
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