May 16, 2025
WASHINGTON, D.C. – As reported in the NY Times and elsewhere, the Trump administration has once again changed course, reducing the tariff on Chinese imports to 30% from the previous 145%. Meanwhile China lowered its import duty on American goods to 10% from 125%. The new percentages will be in place for 90 days.
“The outcome of the frenzied negotiations brought tariff rates close to where they were before Mr. Trump ratcheted them higher on April 2, which he billed as Liberation Day,” wrote NYTimes reporters. “However, the talks did not appear to yield any meaningful concessions beyond an agreement to continue discussions.”
“We concluded that we have a shared interest,” said Treasury Secretary Scott Bessent at a news conference overseas. “The consensus from both delegations is that neither side wanted a decoupling.”
NY Times reporters added: “Chinese factories have experienced a sharp decline in export orders to the United States, heaping additional pressure on a sluggish economy. Chinese producers looked to expand trade to Southeast Asia and other regions to circumvent the U.S. tariffs.”
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