CHINA and the United States announced here Monday a series of tariff modification measures aimed at easing trade tensions between the world’s two largest economies.
The decision followed a twoday China-US high-level meeting on economic and trade affairs, where both sides recognized the importance of their bilateral economic and trade relationship to both countries and the global economy, a joint statement said, noting that both sides emphasized the need for a sustainable, long-term and mutually beneficial economic and trade relationship.
According to the statement, the United States will place a 90-day pause on 24 percentage points of the additional ad valorem rate of duty on articles of China (including articles of the Hong Kong Special Administrative Region and the Macau Special Administrative Region) starting from 2 April, while retaining the remaining rate of 10 per cent on those articles. It will also remove the additional tariff rates on imports from China announced on 8 and 9 April respectively.
According to the Executive Order 14259 issued on 8 April by the White House, the United States raised “reciprocal” tariff rate on China to 84 per cent. One day later, the White House in another executive order hiked rate to 125 per cent.
Ad valorem tax is a tax based on the assessed value of assets, goods or services being taxed.
China will modify accordingly the application of the additional ad valorem rate of duty on articles of the United States set forth in Announcement of the Customs Tariff Commission of the State Council No 4 of 2025, by suspending 24 percentage points of that rate for an initial period of 90 days, while retaining the remaining additional ad valorem rate of 10 per cent on those articles.
It will remove the modified additional ad valorem rates of duty on those articles imposed by the No 5 and No 6 announcements issued by the Customs Tariff Commission of the State Council on 9 and 11 April respectively.
— Xinhua
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