China Cuts US Import Tariffs by 24 Percentage Points
Published
Reduced rates to remain in effect for 90 days
China will reduce tariffs on imports from the United States by 24 percentage points, bringing the rate down to 10%, according to TASS.
In addition, Beijing will revoke State Council Tariff Commission decrees No. 5 and No. 6, which had previously raised additional duties to 84% and 125%, respectively.
Vice Premier of the State Council He Lifeng and US Treasury Secretary Scott Bessent reached the agreement during recent talks.
The tariff cuts will take effect on May 14 and remain in place for 90 days, according to a joint statement from China and the United States.
China has also agreed to suspend or fully cancel non-tariff countermeasures that had been imposed on the US since April 2.
