CHINA and the US have agreed to remove most tariffs imposed since April a breakthrough that might end the trade war that has raised duties to unprecedented levels, reports Hong Kong's South china Morning Post.
The agreement brings current US tariff rates on Chinese goods to 30 per cent, and Chinese duties on US imports to 10 per cent, on top of some retaliatory levies imposed earlier on selected American goods.
'We have substantially moved down the tariff levels,' said US Treasury Secretary Scott Bessent, who led the American delegation at the talks, at a press conference held shortly after the statement's release. 'Neither side wants a decoupling.'
According to the joint statement, both China and the US pledged to remove 91 percentage points of the April tariffs and suspend a further 24 percentage points for the next 90 days, with the 20 per cent duties levied by US President Donald Trump earlier this year in the name of stopping flows of the illegal drug fentanyl remaining in effect.
Beijing has also agreed to pause or remove all non-tariff countermeasures imposed since April, including the addition of some US firms to sanctions lists and export controls on some critical minerals.
Said US Trade Representative Jamieson Greer: 'It's important to understand how quickly we were able to come to agreement, which reflects that perhaps the differences were not so large as maybe thought.'
Mr Greer cited the US$1.2 trillion American trade deficit as the reason US President Donald Trump declared a national emergency and imposed tariffs, expressing confidence the talks would help them work toward resolving that emergency.
In the days leading up to the negotiations, China had called on Washington to remove tariffs as a goodwill gesture. Chinese officials had also said the talks were scheduled after repeated US overtures through 'multiple channels' - an account disputed by President Trump who said they 'ought to go back and study their files'.
SeaNews Turkey
The agreement brings current US tariff rates on Chinese goods to 30 per cent, and Chinese duties on US imports to 10 per cent, on top of some retaliatory levies imposed earlier on selected American goods.
'We have substantially moved down the tariff levels,' said US Treasury Secretary Scott Bessent, who led the American delegation at the talks, at a press conference held shortly after the statement's release. 'Neither side wants a decoupling.'
According to the joint statement, both China and the US pledged to remove 91 percentage points of the April tariffs and suspend a further 24 percentage points for the next 90 days, with the 20 per cent duties levied by US President Donald Trump earlier this year in the name of stopping flows of the illegal drug fentanyl remaining in effect.
Beijing has also agreed to pause or remove all non-tariff countermeasures imposed since April, including the addition of some US firms to sanctions lists and export controls on some critical minerals.
Said US Trade Representative Jamieson Greer: 'It's important to understand how quickly we were able to come to agreement, which reflects that perhaps the differences were not so large as maybe thought.'
Mr Greer cited the US$1.2 trillion American trade deficit as the reason US President Donald Trump declared a national emergency and imposed tariffs, expressing confidence the talks would help them work toward resolving that emergency.
In the days leading up to the negotiations, China had called on Washington to remove tariffs as a goodwill gesture. Chinese officials had also said the talks were scheduled after repeated US overtures through 'multiple channels' - an account disputed by President Trump who said they 'ought to go back and study their files'.
SeaNews Turkey
