For Bonnie Ross, a clothing importer based in New York, the news that the U.S. would temporarily cut tariffs on China brought relief — albeit briefly. “It was a great relief for about five minutes,” Ross says. Then the rush began. Ross had pulled two cargo containers off ships in China when the 145% tariffs took effect last month. Now she’s trying to get as much merchandise to the U.S. as possible while the lower tariffs are in place. However, she worries that other businesses will be in the same situation. “Now it’s going to be a rush because everybody wants it out in the next 90 days,” Ross says. “What is going to happen to the freight rates?” Although the U.S. and China agreed to reduce tariffs, the lower import taxes are set to last only 90 days. The tax on Chinese imports to the U.S. will drop from 145% to 30%, while the tariff China charges on U.S. goods will fall from 125% to 10%. Despite this reduction, the tariffs remain significantly higher than before President Trump’s trade war.
— new from NPR
