US President signs executive order to reduce tariffs on Chinese goods

VTV.vn - US President Donald Trump signed an executive order to halve additional tariffs on Chinese goods.

Cargo ship anchored at Long Beach port in California, USA. (Photo: THX/TTXVN)

On November 4, US President Donald Trump signed an executive order to halve additional tariffs on Chinese goods, thereby formalizing part of the agreement that Mr. Trump reached with Chinese President Xi Jinping after the first direct meeting between the two leaders in South Korea on October 30.

Shortly after returning to the White House for his second term as US President earlier this year, Mr. Trump decided to impose an additional 20% tariff on goods imported from China, claiming that China is the main source of fentanyl-related substances entering the US - a drug that has destroyed many families and communities across the US.

After a summit between President Donald Trump and Chinese President Xi Jinping in South Korea on October 30, Beijing pledged to strengthen controls and prevent the flow of precursor chemicals used to produce fentanyl to the US. In response, Washington announced it would reduce the additional tariff from 20% to 10%, effective November 10. The executive order President Trump signed on November 4 officially implemented the agreement, and also stated that US officials would monitor China's implementation of the agreement.

According to the White House, the meeting between the two leaders also reached a number of other agreements, including continuing to suspend the imposition of retaliatory tariffs until November 10, 2026.

Since the beginning of the year, trade tensions between the world's two largest economies have increased as Washington and Beijing have imposed tariffs on each other's products, at times reaching triple digits, significantly affecting bilateral trade activities as well as the global economy. However, high-level trade negotiations between the two countries' delegations in recent months, especially the summit between President Donald Trump and President Xi Jinping, are considered to have helped to cool down tensions and maintain a temporary truce in trade relations between the two countries for about a year.

Source: https://vtv.vn/tong-thong-my-ky-sac-lenh-giam-thue-hang-hoa-trung-quoc-100251105105835645.htm