Prices Set To Drop After Tariff Cuts In New York

We could see a massive drop in prices on everyday items as the U.S. and China have agreed to a massive cut in the current tariffs.

U.S. and China Agree To Tariff Cuts

Over the weekend, officials from the US and China came together and negotiated a massive cut in each country's tariffs on each other.

Both sides agree to a massive reduction in tariffs that are imposed on each other. Both sides agree to a 115% cut in current tariffs, which will drop the tariffs the US imposes on China to 30% while China will drop its tariffs on the U.S. back down to 10%.

The current proposal for tariff cuts will last for 90 days.

What Items Are Expected To Be Impacted By The Tariff Cuts?

The biggest items impacted by the tariffs in New York from China were electronics, apparel, and toys. We could see the prices of these items remain steady and even drop in price, since sellers won't have to pass on the increased prices from the tariffs to the consumers.

Some other items impacted include plastic items, furniture, automobiles, and more.

The U.S. has retracted or cut tariff prices on many other countries already, and the current agreement with China is expected to help the economy for both countries.

READ MORE: NEW YORKERS WERE PAYING MORE FOR THESE ITEMS DUE TO INCREASED TARIFFS

The two countries will come together again before the current deal expires in 3 months to try and reach a more permanent deal moving forward.

Do you agree with U.S. officials dropping the tariffs back down, or should the tariffs remain higher to help bring more jobs back to the U.S? Let us know HERE, or send your thoughts using our APP.

Get our free mobile app