US-China Tariff Reductions

On Monday, May 12, the United States and China reached an agreement to reduce tariffs on each other’s goods for a period of 90 days. This marks a step in easing the trade tensions that have affected bilateral economic relations in recent years.

The announcement followed a series of trade negotiations held over the weekend in Geneva, where officials from both sides reported progress. According to a joint statement, both countries acknowledged the value of a stable and mutually beneficial trade relationship.

Both sides agreed to lower reciprocal tariffs by 115 percentage points for the 90-day period. This adjustment would reduce US tariffs on Chinese goods from 145 per cent to 30 per cent, and Chinese tariffs on US goods from 125 per cent to 10 per cent. The new tariff measures are expected to take effect by May 14.