US and China temporarily lower tariffs to start trade negotiations

The White House and China have issued a joint statement, announcing a 90-day reduction in tariffs in a cool-down period to kick off negotiations for a new trade deal.Donald Trump's signed tariff plan - Photo credit CNBCOf all the US firms and consumers affected by Trump's 'reciprocal' tariffs, ones importing goods from China have been hit the most. While Apple got a wide-ranging tariff exemption, other tariffs were unquestionably going to be applied at some point. Even with the exemptions, Apple had to perform logistical gymnastics to get the costs of tariffs down to $900 million in the next quarter.Now according to Bloomberg, the two countries have announced a 90-day pause in their tariffs. The pause does not entirely remove the recent tariffs, and it does not affect those tariffs introduced by Trump during his first administration — including a 20% one on smartphones. Continue Reading on AppleInsider | Discuss on our Forums