BEIJING: China will reduce additional tariffs on US goods to 10% by cancelling most of them starting May 14, according to a joint Chinese-US...
BEIJING: China will reduce additional tariffs on US goods to 10% by cancelling most of them starting May 14, according to a joint Chinese-US statement following trade talks in Geneva.
Starting April 10 Beijing imposed additional tariffs on US goods in the amount of 34%. After Geneva talks they were slashed by 24 percentage points, with 10% tariffs remaining in force. Moreover, China will cancel its decrees on an increase of additional tariffs by 84% and by 125%. Beijing will also suspend or cancel non-tariff countermeasures taken against the United States since April 2, 2025.
Beijing and Washington agreed to establish a mechanism to continue discussions about economic and trade relations. These discussions may be conducted alternately in China and the United States, or a third country upon agreement of the parties.
The Chinese-US talks on trade and economic issues were held in Switzerland on May 10-11.
On April 2, US President Donald Trump announced introduction of customs tariffs on products from 185 countries and territories. US tariffs on Chinese goods totaled 145%. In response to actions by the Trump administration, China gradually raised tariffs on American goods to 125%.
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