China to Slash Tariffs on US Goods

In a move that marks a significant step towards trade de-escalation, the Chinese Finance Ministry has confirmed that tariffs on certain US imports will be substantially reduced. This decision, effective from May 14 at 12:01 am local time, comes in the wake of high-level economic and trade discussions between the two global powers.

Under the new directive, the tariff rate, which was previously set at 34%, will see a dramatic drop to 10%. Additionally, China has agreed to suspend a planned 24% rate hike for a period of 90 days and will cancel extra duties that were introduced earlier this year.

A Strategic Move Towards Trade Peace

This strategic reduction, sanctioned by the State Council, is aimed at fostering a more harmonious trade relationship between China and the United States. It reflects China's commitment to adhering to both its national laws and international trade principles, signaling a hopeful path forward for bilateral trade relations.