{"id":104207,"date":"2025-05-12T19:52:26","date_gmt":"2025-05-12T14:52:26","guid":{"rendered":"https:\/\/nationaltimes.pk\/eng\/?p=104207"},"modified":"2025-05-12T19:53:15","modified_gmt":"2025-05-12T14:53:15","slug":"us-china-reach-deal-to-temporarily-slash-tariffs-easing-slump-fears","status":"publish","type":"post","link":"https:\/\/nationaltimes.pk\/eng\/2025\/104207\/","title":{"rendered":"US, China reach deal to temporarily slash tariffs, easing slump fears"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Pakistan(National Times)- The U.S. will cut\u00a0extra tariffs\u00a0it imposed on Chinese imports in April this year to 30% from 145% and Chinese duties on U.S. imports will fall to 10% from 125% for the next 90 days, the two sides said on Monday. The Reuters Tariff Watch newsletter is your daily guide to the latest global trade and tariff news.\u00a0Sign up\u00a0here. The accord does not include the \u201cde minimis\u201d exemptions for low-value e-commerce shipments from China and Hong Kong, which the Trump administration terminated on May 2, according to a source familiar with the negotiations. The duties are also\u00a0still higher\u00a0than before\u00a0U.S. President Donald Trump\u00a0announced a raft of tariffs on April 2. However, the deal went further than many analysts had expected following weeks of confrontational rhetoric on trade. \u201cThis is better than I expected. I thought tariffs would be cut to somewhere around 50%,\u201d said Zhiwei Zhang, chief economist at Pinpoint Asset Management in Hong Kong. \u201cObviously, this is very positive news for economies in both countries and for the global economy, and makes investors much less concerned about the damage to global supply chains in the short term,\u201d Zhang added. Wall Street\u00a0stocks jumped\u00a0and the dollar rose, while gold prices fell on the news, which helped allay concerns about a downturn triggered by Trump\u2019s escalation of tariffs aimed at narrowing the U.S. trade deficit. \u201cBoth countries represented their national interest very well,\u201d U.S. Treasury Secretary Scott Bessent said after talks with Chinese officials in Geneva. \u201cWe both have an interest in balanced trade, the U.S. will continue moving towards that.\u201d Bessent was speaking alongside U.S. Trade Representative Jamieson Greer after the weekend talks in neutral Switzerland in which both sides hailed progress on narrowing differences. \u201cThe consensus from both delegations this weekend is neither side wants a decoupling,\u201d Bessent said. \u201cAnd what had occurred with these very high tariffs \u2026 was the equivalent of an embargo, and neither side wants that. We do want trade.\u201d The tariff dispute had brought nearly $600 billion in two-way trade to a standstill, disrupting supply chains, sparking fears of stagflation and triggering some layoffs. The Geneva meetings were the first face-to-face interactions between senior U.S. and Chinese economic officials since\u00a0Trump\u00a0returned to power and hit China particularly hard with his\u00a0global tariff blitz. China\u2019s Vice Premier He Lifeng, speaking to reporters at China\u2019s mission to World Trade Organization late on Sunday, described the talks as \u201ccandid, in-depth and constructive\u201d on issues of concern to both countries. \u201cThe meeting achieved substantial progress, and reached important consensus,\u201d He said.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>REPRIEVE<\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Since taking office in January, Trump had hiked the tariffs paid by U.S. importers for goods from China to 145%, in addition to those he imposed on many Chinese goods during his first term and the duties levied by the Biden administration. China hit back by putting export curbs on some rare earth elements, vital for U.S. manufacturers of weapons and electronic consumer goods, and raising tariffs on U.S. goods to 125%. Shares in European firms hit by the trade war rallied after the deal. Shipping company Maersk\u00a0(MAERSKb.CO), opens new tab\u00a0was the biggest gainer in Europe, up more than 12%. It warned last week that\u00a0container volumes\u00a0between the U.S. and China had plunged due to the dispute. \u201cWe hope it can lay the foundation for the parties to also reach a permanent deal that can create the long-term predictability our customers need,\u201d Maersk said in a statement. Meanwhile, shares in luxury firms LVMH\u00a0(LVMH.PA), opens new tab\u00a0and Gucci-owner Kering\u00a0(PRTP.PA), opens new tab\u00a0were up 7.4% and 6.7% respectively. U.S. planemaker Boeing\u00a0(BA.N), opens new tab\u00a0did not respond to requests for comment on how the deal would affect deliveries of aircraft to Chinese customers. In April, it said it was looking to\u00a0resell\u00a0potentially dozens of planes locked out of China by tariffs. Bessent told U.S. media that there was still much work to do, but neither the place nor time for a next meeting had been set. \u201cWe got a lot done over two days. So I would imagine that in the next few weeks we will be meeting again to get rolling on a more fulsome agreement,\u201d he told CNBC. \u201cOver the next 90 days we have a mechanism to meet with the Chinese trade delegation,\u201d he told MSNBC in a separate interview. \u201cWe will be discussing tariffs, non-tariff trade barriers, currencies and their subsidies of labor and capital, and how we can open up China to American businesses.\u201d He said Chinese officials had understood the importance of addressing the fentanyl crisis and for the first time appeared to be working to halt the flow of pre-cursor drugs into the U.S. Trump levied the tariffs in part after declaring a national emergency over fentanyl entering the United States.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Pakistan(National Times)- The U.S. will cut\u00a0extra tariffs\u00a0it imposed on Chinese imports in April this year to 30% from 145% and Chinese duties on U.S. imports will fall to 10% from 125% for the next 90 days, the two sides said on Monday. The Reuters Tariff Watch newsletter is your daily guide to the latest global [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":104208,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-104207","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-international","entry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>US, China reach deal to temporarily slash tariffs, easing slump fears - Nation<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationaltimes.pk\/eng\/2025\/104207\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"US, China reach deal to temporarily slash tariffs, easing slump fears - Nation\" \/>\n<meta property=\"og:description\" content=\"Pakistan(National Times)- The U.S. will cut\u00a0extra tariffs\u00a0it imposed on Chinese imports in April this year to 30% from 145% and Chinese duties on U.S. imports will fall to 10% from 125% for the next 90 days, the two sides said on Monday. 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