China and U.S. reach deal to scale back tariffs
2025-05-13 10:48:15 [Print]
On May 12, China and the United States announced a series of tariff adjustment measures aimed at easing trade tensions, according to a joint statement issued by both governments in Geneva, Switzerland.
The U.S. agreed to remove a total of 91% additional tariffs it had imposed on China, while China correspondingly would remove 91% counter tariffs on the U.S. Additionally, the U.S. will amend the 34% reciprocal tariff imposed on Chinese goods, placing a 90-day pause on 24% tariffs for 90 days while maintaining the remaining 10%. Regarding the 34% retaliatory tariffs imposed in response to U.S. measures, China will accordingly place a 90-day pause on 24% tariffs while maintaining the remaining 10%. China will also suspend or cancel corresponding non-tariff countermeasures against the United States.
In the joint statement, the two sides commit to taking the actions by May 14 and agree to establish a mechanism to continue discussions about economic and trade relations.
The U.S. agreed to remove a total of 91% additional tariffs it had imposed on China, while China correspondingly would remove 91% counter tariffs on the U.S. Additionally, the U.S. will amend the 34% reciprocal tariff imposed on Chinese goods, placing a 90-day pause on 24% tariffs for 90 days while maintaining the remaining 10%. Regarding the 34% retaliatory tariffs imposed in response to U.S. measures, China will accordingly place a 90-day pause on 24% tariffs while maintaining the remaining 10%. China will also suspend or cancel corresponding non-tariff countermeasures against the United States.
In the joint statement, the two sides commit to taking the actions by May 14 and agree to establish a mechanism to continue discussions about economic and trade relations.
