U.S., China temporarily agree to reduce tariffs for 90 days

The U.S. and China reached a joint agreement to temporarily reduce tariffs for 90 days, the White House announced May 12. Both countries will lower tariffs by 115% effective May 14. This will reduce U.S. tariffs on Chinese goods to 30% — a 10% baseline tariff and a 20% tariff imposed in February due to concerns about the movement of illicit fentanyl from China. The U.S. also will retain other tariffs applied to Chinese goods. These tariffs were adopted prior to April 2 and include Section 301, Section 232 and most favored nation tariffs.