Amazon holds talks with suppliers on pricing following tariff changes

Tech giant Amazon ‍said on Tuesday it held discussions with some ​vendors about adjusting costs to reflect the ‌reduction in tariff rates ​for Chinese imports.

The Financial Times reported earlier in the day that the company was seeking to cut what it pays suppliers for goods sold on its e-commerce platform, as it moves to reverse concessions intended ​to soften the impact of U.S. ⁠President Donald Trump’s tariffs.

“We’re continually working with our broad, varied range of valued selling partners in our store ​to support them ⁠in adapting to the evolving environment while maintaining broad selection and low prices for customers,” a company spokesperson told Reuters.

In late ‌October last year, Trump agreed with ‌President Xi Jinping to trim tariffs on imports from China in ‍exchange for Beijing cracking down on the illicit fentanyl trade, resuming U.S. soybean purchases and ‍maintaining rare earths exports flowing.

The current average U.S. tariffs on Chinese imports were lowered to about 47% from 57%.

Meanwhile, the U.S. Supreme Court said last week that it would issue its next rulings on January 14 as several major cases remain pending, ⁠including the legality of Trump’s sweeping global tariffs.

The administration faces the possibility ​of having to refund nearly $150 billion paid in ⁠tariffs to importers if the court declares that the sweeping duties Trump has imposed under the International Emergency Economic Powers Act are illegal.