China and U.S. Officials Tentatively Agree to Avoid 100% Tariffs
Preliminary understanding between Chinese and American officials aims to prevent the imposition of full tariffs on traded goods.
Summary
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Terms & Concepts
Tariff: A tax imposed by a government on goods and services imported from other countries, used to protect domestic industries or raise revenue.
Trade Agreement: A negotiated arrangement between two or more nations to establish terms of trade, often reducing or eliminating tariffs and trade barriers.