On May 14th, 2025, at 12:01 PM, China’s new tariff adjustment measures on imports from the United States officially took effect. The key points of the announcement are as follows:
- Tariff Reduction:
- The tariff rate specified in the “Announcement on Imposing Tariffs on Imports from the United States” (Tax Commission Announcement No. 4, 2025) has been adjusted from 34% to 10%.
- The additional 24% tariff on US imports will be suspended for 90 days.
- Suspension of Previous Measures:
- The additional tariff measures specified in the “Announcement on Adjusting Tariffs on Imports from the United States” (Tax Commission Announcement No. 5, 2025) and the “Announcement on Adjusting Tariffs on Imports from the United States” (Tax Commission Announcement No. 6, 2025) are hereby suspended.
Understanding the Changes in US-China Tariffs
On May 12th, the US and China released a joint statement following the Geneva trade talks, announcing a significant reduction in bilateral tariffs. The move is expected to meet the expectations of producers and consumers in both countries, as well as contribute to global economic stability. Here’s how the tariffs have changed:
- Both the US and China have reduced their respective additional tariffs by 91%.
- The US has suspended the 24% “reciprocal tariff,” and China has followed suit by suspending its corresponding 24% countermeasure tariff.
Statement from China’s Ministry of Commerce
A spokesperson from China’s Ministry of Commerce stated that the high-level US-China trade talks in Geneva achieved substantial progress, with both parties agreeing to a significant reduction in tariffs. The spokesperson emphasized that the action aligns with the interests of both producers and consumers and urged the US to build on the current momentum, reverse unilateral tariff actions, and strengthen mutually beneficial cooperation.
