Trump Pauses Tariffs 90 Days
On May 12, 2025, the U.S. and China jointly
announced
they will temporarily lower tariffs on each other’s products. The combined 145% U.S. levies on most Chinese imports were reduced to 30%, including the rate tied to fentanyl, on May 14, 2025, while the 125% Chinese duties on U.S. goods were dropped to 10%. “We had a very robust and productive discussion on steps forward on fentanyl,” Treasury Secretary Scott Bessent said. “We are in agreement that neither side wants to decouple.”
The announcement represents a step toward de-escalating a tariff conflict that has led to a slump in trade across the Pacific Ocean. The two countries had earlier reported “substantial progress” in their talks, which lifted markets and helped Chinese stocks recoup their losses since President Donald Trump’s “Liberation Day” announcement of tariffs on April 2, 2025. Read more
here.