The United States and China have announced details of a new trade agreement, which includes, among other things, the easing of mutual tariffs.
This is stated in a White House statement dated May 12.
Thus, Washington is suspending additional tariffs on Chinese goods of 24% for 90 days and leaving the base tariff rate at 10%. Some additional tariffs introduced in April of this year are being completely abolished.
Beijing is acting in the same way — it is also reducing additional duties on American goods by 24% for 90 days, keeping the remaining duties at 10%, and canceling additional tariffs introduced in April.
Both countries are committing to take action by May 14. This is to reduce economic tensions and allow time for further negotiations on long-term trade agreements.
After implementing the measures, the parties will establish a mechanism for continuing dialogue on economic and trade relations. These discussions may take place alternately in China, the United States, or a third country with the consent of both countries, the document says.
Trumpʼs tariffs
In early April, the US President Donald Trump reported that he would impose tariffs on goods from other countries. The new tariffs will apply to more than 180 countries and territories (not including Russia, North Korea, Cuba and Belarus, which are already under sanctions). A 10% tariff was imposed on Ukraine.
As early as April 9, Trump postponed tariffs on all but China, which received the highest tariffs of 145%, while most countries are subject to a base rate of 10%. And in mid-April, Trump threatened to impose tariffs of 245%.
Chinaʼs Ministry of Finance reported on April 11 that it would raise tariffs on all American goods from 84% to 125%.
In late April, The Wall Street Journal reported that Washington was considering reducing tariffs on Chinese goods to 50-65% to ease trade tensions that arose after President Trump imposed tariffs. However, this involved a multi-layered approach.
- The White House press service announced the conclusion of a trade agreement between the United States and China on May 11. The agreements were reached after negotiations in Switzerland.
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