US-China Trade Truce Breaks Ground: Trump Secures 55% Tariff Rate and Promises Stability in Global Economic Landscape
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US-China Trade Truce Breaks Ground: Trump Secures 55% Tariff Rate and Promises Stability in Global Economic Landscape
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This week, major news has broken on the tariff front, reshaping the global trade landscape. After months of volatility, President Donald Trump announced what he called a “done deal” with China, following intensive negotiations in London and Geneva. Both countries have agreed to reduce tariffs and suspend several non-tariff retaliation measures that were implemented earlier this spring.
For US importers, the most critical change is the current effective tariff rate on Chinese goods. As of today, the United States is imposing a 55% tariff on nearly all imports from China, up sharply from 30% just a month ago. This 55% is a composite figure: it includes a 10% baseline “reciprocal” tariff that Trump imposed on nearly all US trading partners beginning in April, a 20% surcharge on all Chinese imports, and a pre-existing 25% levy from Trump’s earlier term. US Commerce Secretary Howard Lutnick has confirmed in multiple interviews that the 55% rate will “definitely” not change in the near term, and the White House notes this is part of a broader Trump strategy targeting perceived trade imbalances.
According to the World Trade Organization’s Tariff & Trade Data tracker, the tariff war reached a peak of over 140% on select Chinese goods back in April, before the truce. The new agreement, effective since mid-May, lowers the US average tariff on Chinese imports to the current 55% level, while China has reduced its tariffs on US goods to 10%. China has also committed to suspending or removing all non-tariff countermeasures put in place since April 2, which had hampered US exports and investment.
President Trump called the new agreement “historic,” emphasizing future cooperation. He went further on Truth Social, stating, “Full magnets, and any necessary rare earths, will be supplied, up front, by China,” and reaffirmed that Chinese students would continue to access American universities—a flashpoint in previous rounds of negotiation.
Meanwhile, China’s foreign ministry has underscored the country’s commitment to honoring the deal. Spokesperson Lin Jian declared, “Now that a consensus has been reached, both sides should abide by it,” pointing toward a period of fragile but restored stability.
Listeners should note that the tariff rates are scheduled for review in August, with the US 10% temporary reduction possibly reverting to 34% if no further deal is reached. Businesses and consumers on both sides are watching closely, weighing the impact on prices, supply chains, and global trade flows.
Thank you for tuning in to China Tariff News and Tracker. Don’t forget to subscribe for the latest updates in this rapidly changing field. This has been a Quiet Please production, for more check out quietplease dot ai.
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