The US said it would cut back the new duties from a punishing 145% to 30%.
China likewise agreed to lower its retaliatory tariffs on US products to 10%, and committed to unspecified changes to other trade barriers.
The changes come just in time for Mr Dweck, who owns DII, a chain of 19 discount stores in the New York area, stocked with many goods made in China. He had rushed in shipments earlier this year, packing his warehouse with enough merchandise to last him until mid-October.
But the shock of the 145% tariffs – a cost too high to be swallowed by his company or passed onto customers – had raised the threat of empty shelves during the critical November and December festive season.
“If you had told us … even 30% three months ago, we would have said it was insane, that’s crazy, we would never survive,” he said. But now it feels like good news.
“It’s a sigh of relief. Even though it’s very dramatic, business can go on.”
