On May 12, President Donald Trump announced a “total reset with China.”
“The best part of the deal,” he said, was that “China agreed to open itself up to American business.” Beijing, Trump proclaimed, will “suspend and remove all of its non-monetary barriers.”
In the meantime, both the U.S. and China agreed to drop tariffs by 115 percentage points. The general American tariff rate on China’s goods is now 30%. The general Chinese rate is 10%. Both reductions will be in effect for 90 days.
