US-China trade war: countries agree to “truce” and reduce tariffs by 115%

The US-China trade war is on hold: the countries have agreed to a so-called trade truce, which should last 90 days, the White House reported. The countries have until May 14 to reduce tariffs on imported goods.

Bloomberg reported that according to the statement and briefing of officials, the total 145% US tariffs on most Chinese goods will be reduced to 30%, including the rate related to fentanyl. In turn, China will reduce tariffs on American goods from 125% to 10%.

“After taking the above measures, the parties will establish a mechanism for continuing discussions on economic and trade relations… These discussions may be held alternately in China and the United States or in a third country with the consent of the parties. If necessary, the parties may hold working-level consultations on relevant economic and trade issues,” the White House added.

It is indicated that China will be represented at these negotiations by Vice Premier He Lifen, and the United States by Treasury Secretary Scott Bessant and Trade Representative Jamieson Greer.

“We had a very active and productive discussion on further steps regarding fentanyl. We agree that neither side wants a separation,” Bessant noted.

It was reported that despite the drop in supplies from China to the United States, China’s exports to the United States in April were greater than experts had previously predicted. Supplies to the United States fell by 21% compared to last year. At the same time, due to China’s mirror tariffs on American goods, imports from the United States decreased by almost 14%. Chinese companies managed to partially compensate for losses due to activity in other markets - total exports increased by 8.1%.

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