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National Retail Federation president and CEO Matthew Shay applauded the Trump administration’s announcement that it will reduce tariffs on imports from China for 90 days to continue trade negotiations.

The move will slash U.S. tariffs on Chinese goods, which currently run at 145%, to 30% and slash China’s retaliatory duties from 125% to 10%.

“We applaud the U.S. and China for agreeing to a 90-day pause on the 125% reciprocal and retaliatory tariffs,” he said. “We are encouraged by these constructive negotiations, which provide for a significant deescalation in the current trade relationship.

“This temporary pause is a critical first step to provide some short-term relief for retailers and other businesses that are in the midst of ordering merchandise for the winter holiday season. And over the long term, this lays the foundation for substantial progress in achieving truly fair and balanced trade relationships with both China and our other trade partners around the world.

“We urge the administration and our Chinese trade partners to continue discussions to address the ongoing issues, work to remove the remaining national security tariffs, and provide long-term stability between the two largest global economies.”