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President Trump's triple-digit tariffs on Chinese products disrupted global trade — but haven't appeared to result in major concessions from Beijing.
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The Trump administration is serious about using tariffs to generate revenue that funds tax cuts.
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The temporary reprieve will slash the U.S. tariff on Chinese goods from 145 percent to 30 percent.
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Both sides are hailing the temporary reprieve, which will cut U.S. duties on Chinese goods to 30 percent, but analysts say underlying issues remain.
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Stocks soared — and businesses breathed a sigh of relief — as the U.S. and China agreed to temporarily slash their triple-digit tariffs.
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