China and the U.S. Reach Agreement to Reduce Tariffs

Paigard News Agency: Global Economy
Written by Paigard News Agency
Monday, May 12, 2025

China and the United States announced a new agreement on Monday to reduce trade tariffs between the two countries. The joint statement was released following an economic and trade meeting between their representatives in Geneva.

According to the statement, the United States has agreed to suspend 24% of the additional tariffs imposed on Chinese goods — including goods from the Hong Kong and Macau Special Administrative Regions — which had taken effect on April 2. However, the existing 10% tariff on these goods will remain in place.

Washington also stated that it will completely remove the additional tariffs announced on April 8 and 9 on imports from China.

In response, China announced that it will adjust the additional tariffs outlined in Notice No. 4 of 2025 issued by the Tariff Commission of the State Council. Under this measure, 24% of the tariffs on American goods will be suspended for an initial period of 90 days, while the remaining 10% tariff will be maintained.

Experts view this development as a positive step toward easing trade tensions between the world’s two largest economies.