- Tariff Reduction Agreement: The Trump Administration and China have agreed to a 90-day reduction in additional ad valorem duty rates by 24%, effective August 12, 2025, while maintaining a 10% additional rate. This follows a previous reduction agreed upon in May 2025 as both nations work towards finalizing a trade deal.
- Continuing Dialogue: The joint statement reflects ongoing discussions held in Stockholm and earlier meetings in London and Geneva, emphasizing both countries’ commitment to modifying tariff applications and suspending certain non-tariff measures.
- Implementation and Oversight: The agreement involves specific actions from both parties to ensure compliance, including the suspension of tariff increases on goods and the removal of previously imposed non-tariff countermeasures against each other, highlighting a collaborative approach to resolving trade tensions.
Source Orbitax
Latest Posts in "China"
- China Expands Consumption Tax to Include More Ultra-Luxury and New Energy Vehicles
- China Expands VAT Refunds for Tourists, Jilin Province Joins Scheme from September 2025
- China Introduces New VAT Refund Policy for End-of-Period Tax Credits Starting September 2025
- China’s Major VAT Credit Refund Policy Adjustments: What Businesses Need to Know
- China Clarifies VAT Rules for E-commerce and Delivery Services Amid Rapid Growth
