💨 Abstract

The United States and China agreed to suspend tariff increases on products for an additional 90 days. Without this agreement, tariffs were set to escalate dramatically, jeopardizing trade between the world's largest economies. This follows previous high tariffs imposed by President Trump, which have raised effective tariff rates to levels unseen since the Great Depression, affecting consumers and businesses. The dispute involves several key areas, including technology sales to Russia and the future of TikTok.

Courtesy: WTOP Staff