China pauses 24% tariff rate on US
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President Donald Trump said last month that tariffs were bringing in $3 billion a day. Net of refunds, the April total came to $15.6 billion, or an average of $521 million a day.
While U.S. businesses are relieved about the deal, they are concerned about shipping bottlenecks and increased costs — also the continued uncertainty.
In April, the U.S. placed an additional 125% tariff on top of an existing 20% rate for some Chinese goods. China responded by adding a 125% tariff on American products. Those elevated rates didn’t last long.
Kansas City business owners said the move to lower tariffs with China does not help them plan for future sales later this year.
Despite the de-escalation of the tariff war between the United States and China, uncertainties still linger in the economy as negotiations continue to take place during the 90-day pause.
The US trade deficit soared to a record $140.5 billion in March, up from $123.2 billion in February as firms rush to stockpile imports before new tariff hikes take effect