US China Trade War Thaws as Nations Agree to Slash Tariffs Dramatically Ahead of June 1 Deadline
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US China Trade War Thaws as Nations Agree to Slash Tariffs Dramatically Ahead of June 1 Deadline
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In a major shift announced by the White House, the United States will modify reciprocal tariff rates with China effective June 1, 2025 - just days from now. This follows a historic trade agreement reached in mid-May where both nations agreed to substantially reduce their tariffs after a period of escalating trade tensions.
Earlier this spring, tariffs had reached unprecedented heights, with US duties on Chinese goods soaring to 145% and China's retaliatory tariffs hitting 125%. However, on May 12, after negotiations in Geneva between Chinese Vice Premier He Lifeng, US Treasury Secretary Scott Bessent, and US Trade Representative Jamieson Greer, both countries agreed to a 90-day truce with dramatically reduced rates.
Under this agreement, the United States lowered its tariffs on Chinese imports from 145% to 30%, while China cut its duties from 125% to just 10%. The White House has characterized this as a significant win, with President Trump securing what his administration calls "a historic trade win for the United States."
It's important to note that certain sectors remain excluded from these reductions. The 25% tariff on imported vehicles and auto parts continues in full force, along with tariffs on steel, aluminum, and fentanyl-related chemicals.
Meanwhile, the trade conflict has expanded beyond China. Just last week, on May 23, President Trump announced plans to impose a 50% tariff on all European Union imports starting June 1, citing trade imbalances.
For businesses operating between the US and China, this temporary reprieve offers breathing room, but uncertainty remains as these reduced rates are set for just 90 days while longer-term negotiations continue. Companies should prepare for potential volatility when this period expires in August.
Economists are closely watching whether these reduced tariffs will help cool inflation and supply chain disruptions that have plagued both economies since the trade war intensified earlier this year.
Thank you for tuning in to China Tariff News and Tracker. For the latest developments on this evolving situation, be sure to subscribe to our podcast. This has been a quiet please production, for more check out quiet please dot ai.
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