Trump Tariff Tracker – October 31

The hot and cold nature of the U.S.'s trade relationship with China turned hot with yesterday's announcement of a trade deal between China and the U.S. that will lower U.S. tariffs on Chinese goods while getting cooperation from the Chinese government on a broad array of trade concerns. In Busan, South Korea, President Trump announced he and President Xi Jinping agreed to the U.S. reducing tariffs on China in exchange for China cracking down on the illicit fentanyl trade, resuming U.S. soybean purchases and allowing rare earth mineral exports. Under the announced agreement, the fentanyl related tariffs on Chinese imports will be cut to 10% (down from 20%). This reduces the overall tariff rate on Chinese imports to around 47%.