On May 12 local time, a joint statement on the Sino-US economic and trade talks between China and the United States was released. Both parties mentioned that the 24% tariff was suspended within the initial 90 days, and the remaining 10% tariff was retained for these goods.
The 24% and 10% mentioned here are the so-called 34% "reciprocal tariffs" imposed by the United States on April 2 local time.
Of these 34%, 10% are so-called benchmark tariffs, and 24% are specially levied on China. Song Guoyou, deputy director of the Center for American Studies at Fudan University, told Tan Zhu that this means that the United States has cancelled special discrimination against China.
In addition to the 34% tariff, the United States has also imposed so-called "reciprocal tariffs" of 50% and 41% on China, and China has countered them.
In short, the US has canceled a total of 91% of the tariffs on China, suspended the implementation of a 24% "reciprocal tariff", and is currently implemented at a 10% tariff level. China has also canceled and suspended the same level of tariffs accordingly.
This shows that China's previous resolute counter-resistance and struggle attitude has had a very good effect. The counter-resistance measures have indeed had a significant impact on the US side, so that the US government will reduce tariffs to the benchmark tariff level after the talks.
