US and China temporarily reduce tariffs on imported goods

An agreement to reduce duties between the US and China will take effect on May 14 for 90 days to stabilize trade relations.

May 14, 2025 - 10:33
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US and China temporarily reduce tariffs on imported goods
Photo taken from public sources

As a result of negotiations held in Geneva, the United States of America and the People's Republic of China reached an agreement to temporarily reduce mutual customs tariffs. The agreement will come into force on May 14 and will be valid for 90 days. During this period, the parties plan to develop a sustainable mechanism for further consultations on trade relations.

According to the agreements reached, the US will reduce duties on Chinese goods from the current 145% to 30%. In return, China will reduce tariffs on imported American products from 125% to 10%. This step is aimed at easing tensions and restoring balance in bilateral trade, which has faced significant difficulties in recent years.

US Treasury Secretary Scott Bessent and China's Minister of Commerce Li Chenyang made a joint statement after the negotiations, emphasizing that both sides are interested in building balanced and predictable economic relations. They expressed confidence that the agreements reached will help mitigate the effects of previous trade restrictions and create favorable conditions for discussing a more long-term agreement.

The Geneva negotiations took place against the backdrop of ongoing tensions in global trade. Experts note that the announced tariff reductions could be an important step towards normalizing economic ties between the world's two largest economies. Analysts also point to the potential positive impact of the decision on global markets, which have shown instability in recent months amid US-China trade disagreements.

In a statement following the meeting, both sides agreed to quickly establish a joint working group to develop concrete parameters for further cooperation and seek compromise solutions on trade, investment, and intellectual property protection.

Markets reacted positively to the news. The stock prices of several industrial and technology companies rose, which experts link to expectations of improved conditions for international trade and increased bilateral trade volumes.

Economic observers emphasize that the temporary reduction of tariffs provides an opportunity to avoid further escalation of trade disputes and gives market participants the predictability they need. However, many analysts warn that achieving a full and sustainable agreement will require further complex work and a willingness by both parties to make mutual concessions.

It is expected that during the 90-day period, US and Chinese representatives will hold a series of consultations aimed at developing new principles and mechanisms to avoid a repeat of tariff wars in the future and to strengthen economic ties between the countries.

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ALTN.News Сетевое издание «Интернет ресурс ALTN News - (https://altn.news) Свидетельство о постановке на учет периодического печатного издания, информационного агентства и сетевого издания № KZ32VPY00091991 выдано 26.04.2024 г. Комитетом информации Министерства культуры и информации Республики Казахстан.