WICHITA, Kan. (KWCH) – In an announcement Tuesday, the U.S. and China agreed to cut down on their recent tariffs, setting off a rally in global financial markets. The deal lasts 90 days, creating time for the U.S. and Chinese negotiations to reach an agreement.
U.S. trade officials say the U.S. agreed to drop the 145% tax President Trump imposed last month to 30%. China agreed to lower its tariff rate on U.S. goods to 10%, down from 125%. Many are calling this a fresh start in the relationship between the world’s two largest economies, but the agreement announcement comes with uncertainty.
In Wichita, local businesses are collectively holding their breath, waiting to see what the 90-day tariff reduction will mean for them…