Customs duties USA and China lower tariffs by 115 percentage points for the time being
In the trade dispute, the USA and China want to significantly reduce their mutual tariffs. The tariffs will be lowered by 115 points each for an initial 90 days from May 14, said US Treasury Secretary Scott Bessent on Monday following negotiations in Geneva.
12.05.2025, 09:09
12.05.2025, 10:01
SDA
Tariffs on most Chinese exports to the US are then expected to fall to 30 percent, while the surcharges on US exports to China will be reduced to ten percent.
"We have reached an agreement on a 90-day pause," Bessent told journalists. "Both sides will lower their tariffs". The time is to be used to continue negotiations, as also emerged from a joint statement by the Chinese and US representatives.
Trump has been pursuing a tough trade policy since the start of his second term in office on January 20 and has imposed additional tariffs on numerous countries. China is a particular focus of his: the tariffs he has imposed on the People's Republic currently amount to 145% on most products. China, for its part, has imposed high counter-tariffs amounting to 125 percent.
The breakthrough in the negotiations in Geneva brought relief to the stock markets. The Hang Seng Index on the Hong Kong stock exchange jumped by 3.34% and the price of oil also climbed. A barrel of North Sea Brent crude stood at 65.81 dollars, up 3.02 percent. The trade conflict triggered by Trump had pushed oil prices down sharply in recent weeks. The dollar also rose significantly against the euro.
