The past week’s shifts in US tariffs have put a large number of Chinese manufacturers back on a level playing field in the US market with other non-US producers. These lower rates look likely to remain in place for an extended period. But the average US tariff on goods from China remains much higher than that on other major economies and, despite President Trump’s apparent desire to maintain cordial relations with President Xi, the geopolitical strains on global supply chains aren’t going away.
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