- 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 Clarifies SME Tax Preference Rules: New Tests Target Artificial Revenue Splitting and Abuse
- China Extends Import Tax Relief for Returned Cross-Border E-Commerce Goods Through 2027
- China Unveils Broad Import Tax Incentives for Key Sectors, Effective Through 2030
- VAT Return Filing Instructions Updated to Align with New VAT Law Effective February 2026
- GAC Releases Customs Codes for Goods Under 9% Import VAT Rate Following New Regulations
