{"id":3812,"date":"2025-05-13T18:12:41","date_gmt":"2025-05-13T10:12:41","guid":{"rendered":"https:\/\/thedunmangrand.sg\/?p=3053"},"modified":"2025-05-13T18:12:41","modified_gmt":"2025-05-13T10:12:41","slug":"us-and-china-agree-to-slash-tariffs-for-90-days-amid-efforts-to-de-escalate-trade-tensions","status":"publish","type":"post","link":"https:\/\/pinegroveresidence.sg\/navagrove\/us-and-china-agree-to-slash-tariffs-for-90-days-amid-efforts-to-de-escalate-trade-tensions\/","title":{"rendered":"US and China Agree to Slash Tariffs for 90 Days Amid Efforts to De-escalate Trade Tensions"},"content":{"rendered":"
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In a significant move to cool escalating trade tensions, the United States and China have agreed to suspend a large portion of their tariffs for a 90-day period, giving both economic powerhouses a chance to resolve ongoing disputes. The joint announcement was made on May 12, following high-level discussions in Geneva.<\/p>\n

Starting May 14, the United States will reduce its combined 145% tariffs on Chinese imports to 30%, including those related to fentanyl-linked products. In return, China will lower its 125% duties on American exports to 10%, according to a joint statement and briefings from government officials.<\/p>\n

A Pause in the Tariff War<\/p>\n

The agreement marks a temporary 90-day pause on further trade measures between the world\u2019s two largest economies. US Treasury Secretary Scott Bessent, who led the US delegation, said the deal involved a 115 percentage point cut in reciprocal tariffs.<\/p>\n

\u201cBoth countries represented their national interest very well,\u201d Bessent told reporters. \u201cWe both have an interest in balanced trade, and the US will continue moving in that direction.\u201d<\/p>\n

He also noted that the two sides had a robust and productive exchange on combating fentanyl-related issues and emphasized that neither side wants to decouple.<\/p>\n

China Hails Progress<\/p>\n

China\u2019s Ministry of Commerce described the outcome as \u201csubstantial progress,\u201d stating the move is in the interest of the two countries and the common interest of the world.<\/p>\n

Beijing expressed hope that Washington would continue to work with China to correct the wrong practice of unilateral tariff rises.<\/p>\n

Mechanism for Ongoing Dialogue<\/p>\n

As part of the deal, both nations will establish a permanent dialogue mechanism to oversee trade and economic discussions. China will be represented by Vice-Premier He Lifeng, while the US delegation will include Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer. These meetings may take place in China, the US, or a neutral third country.<\/p>\n

Background: Tariff Escalation and Retaliation<\/p>\n

Earlier this year, US President Donald Trump imposed steep new tariffs on a wide range of Chinese imports, bringing cumulative US tariffs on some items up to 245%. In retaliation, China introduced its own set of tariffs, reaching 125% on US goods.<\/p>\n

The May 12 agreement comes amid increasing concerns from global markets about the ripple effects of prolonged trade hostilities between the two superpowers.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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In a significant move to cool escalating trade tensions, the United States and China have agreed to suspend a large portion of their tariffs for a 90-day period, giving both economic powerhouses a chance to resolve ongoing disputes. The joint announcement was made on May 12, following high-level discussions in Geneva. Starting May 14, the […]<\/p>\n","protected":false},"author":1,"featured_media":3813,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39],"tags":[],"class_list":["post-3812","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general-property-news"],"_links":{"self":[{"href":"https:\/\/pinegroveresidence.sg\/navagrove\/wp-json\/wp\/v2\/posts\/3812","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pinegroveresidence.sg\/navagrove\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pinegroveresidence.sg\/navagrove\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pinegroveresidence.sg\/navagrove\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/pinegroveresidence.sg\/navagrove\/wp-json\/wp\/v2\/comments?post=3812"}],"version-history":[{"count":0,"href":"https:\/\/pinegroveresidence.sg\/navagrove\/wp-json\/wp\/v2\/posts\/3812\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/pinegroveresidence.sg\/navagrove\/wp-json\/wp\/v2\/media\/3813"}],"wp:attachment":[{"href":"https:\/\/pinegroveresidence.sg\/navagrove\/wp-json\/wp\/v2\/media?parent=3812"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pinegroveresidence.sg\/navagrove\/wp-json\/wp\/v2\/categories?post=3812"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pinegroveresidence.sg\/navagrove\/wp-json\/wp\/v2\/tags?post=3812"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}