- 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
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