Industry News
"China and US Extend 'Tariff Truce' for Additional 90 Days"
On August 12, China and the United States issued the "Joint Statement on the China-US Economic and Trade Talks in Stockholm". The US side undertakes to continue adjusting the measures of imposing additional tariffs on Chinese goods (including those from the Hong Kong Special Administrative Region and the Macao Special Administrative Region), and will continue to suspend the implementation of the 24% reciprocal tariffs for 90 days starting from August 12.
The Chinese side will continue to suspend the implementation of 24% additional tariffs on US goods and relevant non-tariff countermeasures for 90 days starting from August 12.
The continuation of this temporary suspension is seen as a crucial step towards easing the ongoing trade tensions between the two nations. Analysts suggest that this move may pave the way for further negotiations, potentially leading to a more comprehensive trade agreement that addresses the underlying issues affecting bilateral relations. Both sides have expressed a commitment to dialogue, recognizing that sustained economic cooperation is vital not only for their own economies but also for global economic stability. Furthermore, the suspension of tariffs could provide relief to businesses and consumers alike, mitigating price increases and fostering a more favorable trading environment. As both countries prepare for the next round of discussions, stakeholders are hopeful that constructive engagement will yield tangible results, enhancing trade flows and ultimately benefiting both economies. The world is watching closely, as the outcomes of these negotiations could have far-reaching implications, influencing international trade dynamics and setting a precedent for how global powers navigate their economic relationships in an increasingly interconnected world.