U.S. and China agree to reduce tariffs in 90-day deal
CHICOPEE, Mass. (WWLP) – The United States and China have agreed to reduce tariffs, many hoping this is a cool-down in the trade war.
The White House announced this morning that an agreement has been reached between the U.S. and China surrounding tariffs, and we have already seen the impact.
It is good news, the United States and China have reached an agreement to reduce tariffs for 90 days, reducing the tariffs by 115%.
U.S. tariffs on Chinese imports dropped from 145% to 30%, 20% for China failing to curb the fentanyl flow, and a 10% universal tariff. China is reducing its tariff on US imports from 125% to 10%.
'It's really exciting news for the stock market, but they're not quite sure yet whether it is going to be real, so there is a 'let's jump in' but let's make sure it is real,' says Mark Teed, Senior VP of Raymond James Associates.
Wall Street closing in the positives, The NASDAQ up 4.35%, Dow Jones 2.81%, and S&P 500 closing 3.26% higher. The stock market has seen an impact from the tariff agreement, but the bigger question is, will consumers see an impact?
'A lot of the tariff acts were things we buy online that we have delivered to our house,' Teed said. 'We're going to have tariffs on them, and that was going to increase the price, so this will bring things back to normal, maybe even drop the prices a little bit.'
This agreement sets up the possibility of conversations with other countries.
Teed adds, 'I think the one thing that we should all recognize is we can achieve peace through commerce. When you're trading with other countries, it's hard to go to war with them. So, this is another sign that the more we reach out and do business with people around the world, the less tension there will be in the world.'
Details are still being released about what is and is not included in the agreement; however, when addressing the press Monday morning, President Trump said the agreement doesn't include tariffs on cars, steel, aluminum, or pharmaceuticals.
Even though the tariffs dropped 115%, tariffs remain far higher than before President Trump began his second term.
WWLP-22News, an NBC affiliate, began broadcasting in March 1953 to provide local news, network, syndicated, and local programming to western Massachusetts. Watch the 22News Digital Edition weekdays at 4 p.m. on WWLP.com.
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