China, U.S. agree to drastically roll back tariffs for 90 days
發佈日期: 2025-05-12 19:30
TVB News
The U.S. and China have agreed to temporarily lower reciprocal tariffs on their respective exports by 115 percent over a 90-day period after wrapping up trade talks in Geneva, Switzerland.
The U.S. will cut tariffs on Chinese goods from as high as 145 percent to 30 percent, representing a 10-percent basic tariff plus 20 percent levy related to the drug fentanyl.
China said its tariffs on U.S. goods will fall to 10 percent from 125 percent.
China and the United States today announced a raft of tariff adjustments in a joint statement issued by both governments.
Negotiators hailed the "substantial progress" during their landmark talks in the Swiss city over the weekend.
Chinese Vice Premier He Lifeng said the two sides agreed to establish a "consultation mechanism" focused on regular and irregular communications on relevant trade and commercial issues.
Describing the meetings as "candid" and "constructive," He said this is an important step towards resolving differences through equal dialogue and consultation, and has laid the foundation for further deepening cooperation.
At a media briefing following the talks, U.S. Treasury Secretary Scott Bessent announced the tariff reductions, while Trade Representative Jamieson Greer said the so-called "reciprocal tariffs" are now at 10 percent each.
Bessent said, "We have reached an agreement on a 90-day pause and substantially moved down the tariff levels, both sides, on the reciprocal tariffs, will move their tariffs down 115 percent."
"So today, with this agreement, we come to agreement that our reciprocal tariff rate will go down to 10 percent on the United States side," Greer noted. "And the Chinese, on their side, also go down 115 percent to 10 percent. And they remove the counter-measures that they have in place."
This means the U.S. will temporarily slash its current 145 percent tariff rate on most Chinese imports to 30 percent.
This includes the 20 percent tariff on illegal fentanyl imports, which the U.S. partially blames China for and which Beijing denies.
Meanwhile, China will drop duties on the U.S. from 125 percent to 10 percent.
Its sector-specific retaliatory levies imposed earlier, such as the 25 percent tax on American automobiles, aluminium and steel, will stay.
The two countries will place a 90-day pause on 24 percentage points of the additional ad valorem rate of duty.
According to the joint statement, China and the U.S. acknowledged the significance of a sustainable, long-term and mutually beneficial bilateral trade relationship.
Bessent said neither side wants to be decoupled, and the steep tariffs were an equivalent of an embargo. He told reporters that both sides are committed to achieving more balance in trade.
Bessent further noted that the U.S. would continue strategic rebalancing in areas including medicines, semiconductors and steel where it had identified supply chain vulnerabilities.
