China Resumes U.S. Farm Goods Purchases Following Xi-Trump Meeting
President Donald Trump signed executive orders lowering U.S.-China tariffs, with ad valorem rates cut to 10% and reciprocal tariffs adjusted to the same baseline.
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Terms & Concepts
Ad valorem tariff: A tax calculated as a percentage of the value of the goods being imported.
Reciprocal tariffs: Mutually applied tariffs between trading partners, often matching each other's rates.