At the end of the day, the brunt of the tariffs will fall on US consumers, especially lower-income ones who rely on relatively inexpensive products from China. Now, Americans can expect longer wait times and higher prices, trade experts told CNN.

Online shoppers in the U.S. will see a price break on their purchases valued at less than $800 and shipped from China after the Trump administration reached a truce with Beijing over sky-high tariffs.

The president has backtracked repeatedly on his tariff policies, creating a whiplash with downsides and few clear benefits so far.

On the sidelines of the gathering, U.S. Trade Representative Jamieson Greer is scheduled to hold a bilateral meeting with his South Korean counterpart, three weeks after their opening round of trade talks in Washington, D.C., and his first face-to-face meeting with New Zealand, as well as with other Asian countries.

An executive order signed by President Donald Trump is slashing the "de minimis" tariff on cheap goods from China "from 120 percent to 54 percent."