US Formally Cuts Anti-Fentanyl and Key Trade Tariffs on China to 10%

TaiwanPlus News

US President Donald Trump has issued two executive orders formally reducing tariff rates on China. The actions will cut a fentanyl-related tariff rate from 20 to 10 percent, and reciprocal tariff rates from 34 to 10 percent. The new rates go into effect on Nov. 10 and will last one year.

Transcript

00:00U.S. President Donald Trump has issued executive orders formally lowering key tariffs on Chinese

00:06goods. It follows an announcement Trump made after meeting with Chinese President Xi Jinping

00:11in South Korea last week. Trump said he'd lower a tariff targeting the illegal fentolin trade

00:16from 20 to 10 percent and reciprocal tariff rates from 34 to 10 percent. The new rates

00:22will go into effect on November 10th and last for one year. In exchange, China says it will

00:28suspend its 24 percent tariffs on U.S. goods but keep a 10 percent levy. Trump also said

00:34China will remove rare-earth export controls and purchase more U.S. soybeans. Yet he warned

00:39that these moves may be reversed if China fails to deliver on its commitments.

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