Following recent tariff talks between the US and China, President Donald Trump has cut tariffs on small parcels from mainland China and Hong Kong to the US, coinciding with a 90-day pause on new tariffs agreed by the two nations.
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00:00Here's another top news following the recent tariff talk between US and China.
00:04President Donald Trump has cut tariffs on small parcels from mainland China and Hong Kong to the US.
00:12This comes just after the world's two largest economies agreed to a 90-day pause on new tariffs.
00:18The new rate for small packages, valued up to $800, has been reduced from 120% to 54%, according to a White House statement.
00:26The flat fee per item remains at $100 for shipment sent after May 2nd, scrapping the planned $200 charge initially set for 1st June.
00:38Trump ended the Minimi's exemption in February, which had previously allowed low-value imports to bypass taxes.
00:47His initial plan was to impose a 120% tariff on packages of the same value or planned $200 flat fee.
00:56targeting companies like Sheen and Temu, citing concerns over trafficking of fentanyl and other illicit goods.
01:05The latest tariff adjustments follow a joint US-China announcement to scale back its tit-for-tat tariffs temporarily
01:12and resumed trade negotiations in last weekend high-level talks in Switzerland.