The White House published a Fact Sheet detailing the terms of the United States’ recently announced trade agreement with China.
Key points:
- Tariffs will be reduced by 115% by the U.S. and China.
- The U.S. will eliminate the tariffs it set on China on April 8 and 9, “but will retain all duties imposed on China prior to April 2, 2025, including Section 301 tariffs, Section 232 tariffs, tariffs imposed in response to the fentanyl national emergency invoked pursuant to the International Emergency Economic Powers Act, and Most Favored Nation tariffs.”
- Both countries will halt their 34% tariffs announced in April for 90 days, “but will retain a 10% tariff during the period of the pause.”
- China will eliminate their counter tariffs announced in April “and will also suspend or remove the non-tariff countermeasures taken against the United States since April 2, 2025.”
- The U.S. and China will continue conversations about trade.
- Both countries are working on combating the fentanyl crisis.
The above measures will be taken by May 14.
