Existing tariffs on billions of dollars of Chinese goods coming into the U.S. are likely to stay in place until after the presidential election.
California wineries were expanding into China’s big wine market. Trump’s trade war is destroying their plans.After the first phase takes effect, the U.S. will maintain 25% tariffs on $250 billion of Chinese imports and a 7.5% levy on another $120 billion. China didn’t commit to specific tariff reductions of its own under the agreement, but instead has vowed to exempt certain U.S. products from its duties in order to meet the purchasing targets laid out in the deal.
Officials have said before they will release the text of the 86-page agreement in conjunction with the signing and denied that there’s a plan to cut duties further.
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