U.S., China to Jointly Deescalate Tariffs Starting May 14
The U.S. and Chinese governments after meeting in Geneva, Switzerland, over the weekend announced on Monday, May 12, a joint plan to begin deescalating tariffs, starting May 14.
The statement said that both governments will be “moving forward in the spirit of mutual opening, continued communication, cooperation, and mutual respect,” following the imposition of significant tariffs a month ago against each other on numerous imported products.
The Trump Administration, which called the agreement an “historic trade win for the United States,” outlined in this May 12 fact sheet what both countries will do:
China will remove the retaliatory tariffs it announced since April 4, 2025, and will also suspend or remove the non-tariff countermeasures taken against the U.S. since April 2, 2025.
· China will also suspend its initial 34% tariff on the U.S. it announced on April 4, 2025, for 90 days, but will retain a 10% tariff during the period of the pause.
The U.S. will remove the additional tariffs it imposed on China on April 8 and April 9, 2025, 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.
· The U.S. will suspend its 34% reciprocal tariff imposed on April 2, 2025, for 90 days, but retain a 10% tariff during the period of the pause.
· The 10% tariff "continues to set a fair baseline that encourages domestic production, strengthens our supply chains and ensures that American trade policy supports American workers first, instead of undercutting them," the Trump administration said.
Additional information to follow.
As always, we will monitor these developments and update you as information becomes available.
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