China, White House and trade deal
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The White House announced a "China trade deal" in a May 11 statement, but did not disclose details. The apparent agreement came together sooner than most observers expected after Trump's 145% tariffs on Chinese imports virtually halted $600 billion in annual trade between the world's two largest economies.
Small packages from China are still subject to tariffs of 120%, a White House official confirmed Monday — a major blow for U.S. consumers seeking cheap goods from e-commerce retailers like Shein and Temu.
The White House backed off from the steepest levies, as the costs of an all-out trade war with China threatened global economic growth.
The White House has said its agreements with the U.K. and China are starting points, but so far the Trump administration has given up more than it has gained.
The United States and China made “substantial progress” in trade talks over the weekend, Treasury Secretary Scott Bessent said Sunday, after representatives from the two countries met amid an escalating trade war. The White House claimed in a news ...