China and the United States reduce their reciprocal tariffs to 10%

May 19, 2025  Source: drugdu 85

"/From May 10 to 11, high-level economic and trade talks between China and the United States were held in Geneva, Switzerland. After the talks, the two sides issued a joint statement today (May 12). The main contents are as follows:

The Chinese chief negotiator for China-US economic and trade relations, Vice Premier He Lifeng, and the US chief negotiators, US Treasury Secretary Jeff Bessant and Trade Representative Greer, and other representatives of their respective governments, had candid, in-depth and constructive communication on the implementation of the important consensus reached in the phone call between the Chinese and US heads of state on January 17, and the talks made substantial progress.

The United States will (i) modify the additional ad valorem tariffs on Chinese goods (including goods from the Hong Kong Special Administrative Region and the Macao Special Administrative Region) imposed by Executive Order No. 14257 of April 2, 2025, by suspending the application of 24% of the tariff for an initial 90-day period, while retaining the remaining 10% tariff on these goods imposed pursuant to that Executive Order; and (ii) eliminate the additional tariffs on these goods imposed pursuant to Executive Order No. 14259 of April 8, 2025 and Executive Order No. 14266 of April 9, 2025.

China will (i) amend the additional ad valorem tariffs on U.S. goods as provided for in Tax Commission Announcement No. 4 of 2025 accordingly, including suspending the implementation of the 24% tariff for an initial 90-day period, while retaining the remaining 10% tariff on these goods and canceling the additional tariffs on these goods imposed pursuant to Tax Commission Announcements No. 5 and No. 6 of 2025; and (ii) take necessary measures to suspend or cancel the non-tariff countermeasures against the United States effective April 2, 2025.

The two sides agreed to establish a China-US economic and trade consultation mechanism and identified the coordinators of both sides, with plans to finalize the relevant details before May 14, 2025. The mechanism will provide a platform for regular communication and problem solving for both sides, help enhance mutual understanding and trust, and promote the stable development of economic and trade relations.

After the release of the joint statement, global markets reacted positively, with the Dow Jones Industrial Average rising 0.5% and Brent crude oil futures rebounding 1.2%, reflecting the market's optimistic expectations for easing of the trade war.

https://news.yaozh.com/archive/45450.html

By editor
Share: 

your submission has already been received.

OK

Subscribe

Please enter a valid Email address!

Submit

The most relevant industry news & insight will be sent to you every two weeks.