China’s new tariff proposal aims to revive the 2020 “Phase 1” trade deal from Trump’s presidency, designed to end the tariff war. Key promises include halting yuan devaluation, boosting U.S. investments, and cutting fentanyl precursor exports. While China criticized new U.S. tariffs and the fentanyl issue, it remains open to talks to prevent further conflict escalation. Meanwhile, Canada retaliated with 25% tariffs on $105 billion worth of U.S. goods, deepening tensions between the two neighboring countries.
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