US and China reach tariff agreement | Infinium-tech
Tariffs have been a major topic in the tech world this year with the ongoing US-China trade war, but it seems we have reached a tipping point. President Trump reached an agreement with Xi Jinping to reduce tariffs on Chinese goods from 57% to 47%. In addition, China is suspending for a year its restrictions on rare-earth mineral imports from the US.
This latest development is a breath of fresh air as the Trump administration’s tariffs on Chinese goods reached 145% at their peak earlier this year. This is certainly good news for Apple, which was one of the companies that suffered the most from the US-China trade war. Cupertino was forced to diversify its supply chain and even absorb some of the initial tariff-related price shock.
And while US-China tariffs have been cut for now, there is still uncertainty over semiconductor exports to China, with Trump saying China and Nvidia need to talk about the issue. TikTok’s fate in the US is also uncertain as China’s commerce ministry has confirmed that it needs to finalize an agreement that will properly resolve the issue.
Leave a Reply