The Customs Tariff Commission of the State Council announced on May 13 that, in accordance with key agreements reached during the latest high-level China-US trade talks, the additional ad valorem rate of duty imposed on US imports will be reduced to 10% for an initial 90 days starting at 12:01 p.m. on May 14, 2025. Furthermore, the implementation of the 24% tariff rate on US goods will be suspended for 90 days.
During a routine press conference on May 13, Chinese Foreign Ministry spokesperson Lin Jian criticized the US for its unwarranted imposition of tariffs on Chinese imports, particularly fentanyl-related products. Lin stated that these actions severely undermine China-US dialogue and cooperation in counter-narcotics and have caused significant harm to China's interests.
On May 12, a spokesperson for the Ministry of Commerce highlighted substantial progress made during the recent high-level trade talks. Both nations agreed to significantly reduce tariff levels, with the US canceling 91% of its additional tariffs and China reciprocating by canceling 91% of its countermeasures.
Additionally, the US has suspended the 24% "reciprocal tariffs," and China has responded by suspending its 24% countermeasures. These measures align with the interests of producers and consumers in both countries and contribute to broader global benefits.
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