Details of the joint statement between the US & China on the new tariff agreement

Both sides agreed to de-escalate trade tensions, affirming their commitment to building a mutually beneficial sustainable relationship and coordinating specific actions before May 14, 2025:

🇺🇸 The US commits to:

- Maintaining a basic tariff rate of 10%

- Eliminating punitive tariffs under Executive Orders 14259 & 14266 issued in April 2025

→ Reducing tariffs on Chinese goods from the current rate of 145% to 30% (10% basic tariff + 20% surcharge related to fentanyl) within 90 days

🇨🇳 China commits to:

- Temporarily suspending corresponding additional tariffs on US goods, maintaining the 10% rate

- Removing additional tariffs under Notices No. 5 & 6 of 2025

- Temporarily suspending or eliminating non-tariff barriers from April 2, 2025

→ Reducing the tariff rate on US goods from the current rate of 125% to 10% within 90 days

Both sides agreed to establish a long-term dialogue mechanism on economic - trade issues including:

• Chinese representative: Vice Premier He Lifeng

• US representatives: Secretary of the Treasury Scott Bessent & Trade Representative Jamieson Greer

→ Meetings may take place alternately in China, the US, or a third country

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