by WASHINGTON — On Sunday, the two countries announced a 90-day suspension of tariffs that will reduce U.S. tariffs on Chinese goods from 145% to 30%.
China also will reduce its tariffs on U.S. imports from 125% to 10%, according to a joint statement published by various news outlets.
The move would put the deadline to reach a final agreement until the week of Aug. 10.
How the move impacts the furniture industry remains to be seen as many companies already have shifted production to countries such as Vietnam and Cambodia. With a previous 25% tariff in place on goods imported from China, the 30% tariff still would amount to about 55%.
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