China to adjust tariff rates on US goods from May 14, says finance ministry

investing.com • 13/05/2025 - 15:02 PM

China Lowers Tariffs on U.S. Goods

BEIJING (Reuters) – China will lower its tariffs on U.S. goods to 10% for an initial 90 days, effective from 12:01 pm (0401 GMT) on Wednesday, according to a statement from the Chinese finance ministry.

The ministry announced it would reduce the 34% duties on U.S. goods to 10%, which were imposed last month, and cancel the additional 91% rate from two subsequent measures.

The statement noted, “The significant reduction in bilateral tariffs between China and the U.S. aligns with expectations of producers and consumers in both countries and is conducive to economic and trade exchanges between China and the U.S. and to the global economy.”