US and China Slash Tariffs
a year ago
- #Tariffs
- #US-China relations
- #Trade war
- The US and China agreed to a 90-day reduction in tariffs to de-escalate their trade war.
- Tariffs will be lowered by 115 percent on both sides during this period.
- US duties on Chinese imports drop from 145% to 30%, and China's tariffs on US goods decrease from 125% to 10%.
- The agreement does not affect the removal of the de minimis exception on May 2nd, which previously allowed duty-free imports under $800.
- Treasury Secretary Scott Bessent stated both nations seek more balanced trade and oppose economic decoupling.
- The 90-day pause aims to facilitate negotiations for a final trade deal.