The Chinese government will lower the additional tariff rate on the U.S. from the existing 125% to 10%.
On the 13th, the China State Council Tariff Regulations Committee announced that it will suspend the application of 91% of the additional tariff of 125% starting from 12:01 p.m. on the 14th (China time; 12:01 a.m. on the 14th Eastern Standard Time).
Additionally, 24% of the remaining 34% will be provisionally suspended for 90 days. As a result, the additional tariff rate on the U.S. will be adjusted from the existing 125% to 10%.
This tariff reduction is reported to be in accordance with the ceasefire agreement in the tariff war reached by the U.S. and China in Geneva, Switzerland, on the 12th.
However, the U.S. will leave a 20% tariff on synthetic opioids, such as fentanyl, which were imposed at 10% each in February and March, resulting in an additional tariff rate on China of 30%.
The China State Council Tariff Regulations Committee noted that "a significant reduction in mutual tariff levels between China and the U.S. is beneficial for both countries' economic exchanges and the global economy."