White House eased China tariffs
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Beijing is trying to win over other countries with vows of economic cooperation. But it won’t back down from its territorial claims, experts predict.
The agreement is pressuring manufacturing hubs such as Vietnam and Mexico to make their own, better deals with the United States.
As part of the US China trade agreement, the United States has reduced tariffs on Chinese imports to 30%, while China has brought down its tariffs on American goods to 10%, a massive reduction of over 100 percentage points in some cases.
China has removed its ban on airlines accepting Boeing planes after Beijing and Washington agreed to temporarily reduce the steep tariffs on one another.
China and the United States announced a truce in their trade war on Monday after talks in Geneva that will roll back the bulk of tariffs and other countermeasures by Wednesday.
The world’s two biggest economies agreed to a temporary rollback of most of their recent levies after negotiating in Switzerland over the weekend.
The White House backed off from the steepest levies, as the costs of an all-out trade war with China threatened global economic growth.
By Laurie Chen, Emily Green and Francesco Guarascio BEIJING/MEXICO CITY/HANOI (Reuters) -A new U.S.-China agreement to pause sky-high tariffs on each other is pressuring manufacturing hubs such as Vietnam and Mexico to make their own,