US and China have temporarily reduced duties: new opportunities for international business

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May 12The United States and China have reached an important agreement to reduce customs tariffs, which will become part of the 90-day period of de-escalation in a protracted trade confrontation between two economic giants. According to an official statement published on the White House website, the US agreed to temporarily reduce duties on Chinese products from 145% to 30%. In response, China will reduce duties on US goods from 125% to 10%. This step opens new prospects for companies engaged inexport to the USorexport from Chinareducing costs and simplifying market access. US Finance Minister Scott Bessent stressed during a briefing that the total decrease in duties on both parties is 115%. The agreement was reached after negotiations in Geneva, which took place during the weekend. They were attended by high -ranking officials from both countries, including Scott Bessent, US Sumerian Representative, Jeitimoni Grair and Viceremier of the State Council of the People’s Republic of China He HE HE Lifen. In the framework of further cooperation of the country agreed on the creation of a permanent mechanism of dialogue on issuesinternational tradeandcustoms policy. Negotiations will be held alternately in the US, China or in a neutral country by mutual agreement. This significant weakening of tension was the result of progress in negotiations, which in the White House was already dubbed a “significant breakthrough” in the formation of a new trade agreement.

What does it mean to business?

Reduction of duties opens up new opportunities forlogistics companies, exporters and manufacturers working with the US and China. Smaller tariffs mean lower shipping costs, higher margins and competitiveness growth in the international market. CompanyGirlfriendclosely monitored changes in globalcustoms policyBut ready to help business to adapt to new conditions.

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