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Tariffs on Chinese Imports Temporarily Slashed as U.S.-China Reach Deal
Following weekend negotiations, the tax on Chinese goods imported into the United States will drop by 115 percent for the next 90 days.
The United States and China have reached a deal that brings a temporary halt to the trade war between the two nations. For the next 90 days, the tariffs on Chinese goods imported to the United States will be lowered to 30 percent, while the tax on U.S. goods going into China drops to 10 percent.
Washington, D.C.—Following a weekend of negotiations in Geneva, Switzerland, the White House announced Monday that the United States has reached a deal with China that will temporarily reduce tariffs on Chinese imports to the U.S.
In a statement, the Trump administration said the U.S. and China will each lower tariffs by 115 percent for 90 days while officials for both sides try to hammer out a long-term deal.
This means that the tax on Chinese goods coming into the U.S. (which includes goods from Hong Kong) has been reduced from 145 percent to 30 percent, while the tariff on U.S. goods entering China has been cut from 125 percent to 10 percent.
These changes are slated to go into effect by Wednesday.
The now-30 percent tariff on Chinese goods is assessed in addition to whatever pre-existing 301 tariffs importers already are paying on the goods they bring in from China, Jewelers Vigilance Committee President, CEO, and General Counsel Sara Yood noted.
The 90-day deal between the U.S. and China turns down the heat on a trade war that was poised to significantly impact the world’s two largest economies, and stock markets and the U.S. dollar jumped following the announcement.
In a joint statement issued Monday, the U.S. and China said they recognize “the importance of their bilateral economic and trade relationship to both countries and the global economy” and of the two countries having a “long-term, and mutually beneficial, economic and trade relationship.”
They said they plan to move forward “in the spirit of mutual opening, continued communication, cooperation, and mutual respect.”
Related stories will be right here …
In a statement, the Trump administration said the U.S. and China will each lower tariffs by 115 percent for 90 days while officials for both sides try to hammer out a long-term deal.
This means that the tax on Chinese goods coming into the U.S. (which includes goods from Hong Kong) has been reduced from 145 percent to 30 percent, while the tariff on U.S. goods entering China has been cut from 125 percent to 10 percent.
These changes are slated to go into effect by Wednesday.
The now-30 percent tariff on Chinese goods is assessed in addition to whatever pre-existing 301 tariffs importers already are paying on the goods they bring in from China, Jewelers Vigilance Committee President, CEO, and General Counsel Sara Yood noted.
The 90-day deal between the U.S. and China turns down the heat on a trade war that was poised to significantly impact the world’s two largest economies, and stock markets and the U.S. dollar jumped following the announcement.
In a joint statement issued Monday, the U.S. and China said they recognize “the importance of their bilateral economic and trade relationship to both countries and the global economy” and of the two countries having a “long-term, and mutually beneficial, economic and trade relationship.”
They said they plan to move forward “in the spirit of mutual opening, continued communication, cooperation, and mutual respect.”
The trade war with China has been building since April 2, when President Donald Trump announced a sweeping slate of tariffs that included a 10 percent across-the-board tariff on all goods imported into the U.S., as well as higher “reciprocal” tariffs on nearly 60 nations.
Key countries in the jewelry supply chain, including India, Thailand, Vietnam, Switzerland, and Botswana, were on the reciprocal tariff list.
However, hours after those tariffs took effect on April 9, Trump announced a 90-day pause to allow for negotiations.
The baseline tariff of 10 percent remains in place for all goods and those import taxes are levied in addition to existing duties importers already pay.
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