US and China Slash Tariffs to 10% in Surprise Trade Deal Amid Ongoing Economic Tensions
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US and China Slash Tariffs to 10% in Surprise Trade Deal Amid Ongoing Economic Tensions
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In a significant development two weeks ago, the United States and China reached a temporary trade agreement, slashing reciprocal tariffs from 125% to just 10% for a 90-day period. The deal, announced on May 12th in a joint statement by the White House and China's Ministry of Commerce, temporarily cools what had become an intensifying trade war between the world's two largest economies.
Under the agreement, while the 10% reciprocal tariff is in effect, the overall tariff rate on Chinese goods entering the US will be 30%, as the existing 20% base tariff remains in place. This represents a dramatic reduction from the peak 145% tariffs that had been imposed on Chinese imports by April 2025.
However, the tariff reprieve does not include all sectors. The 25% tariff on imported vehicles and auto parts remains fully enforced, affecting both Chinese and other foreign automotive products. Other exclusions include steel, aluminum, and fentanyl-related chemicals.
On May 13th, the Trump administration also reduced the de minimis tariff rate from 120% to 54% through an executive order. The administration kept the $100 per-item fee that took effect on May 2nd but canceled the previously scheduled June 1st increase to $200.
While markets have responded positively to these measures, this agreement is only temporary. Both nations will use the 90-day window to continue negotiations toward a more comprehensive trade deal, though significant challenges remain.
It's worth noting that while tariffs with China have been temporarily reduced, President Trump announced on May 23rd that he would be imposing a 50% reciprocal tariff on the European Union beginning June 1st, signaling that his administration's aggressive trade policies continue on other fronts.
Financial analysts suggest this cooling period with China provides businesses a brief opportunity to adjust supply chains and inventory strategies before the potential return of higher tariff rates in August, when the 90-day period expires.
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