US Treasury Sec.: 90-Day Suspension Of Tariffs With China By 24 Pct.

(MENAFN- Kuwait News Agency (KUNA)) GENEVA, May 12 (KUNA) -- US Treasury Secretary Scott Bessent announced on Monday that his country would modify the application of the ad valorem rate of duty on certain articles from China by suspending 24 percent of that rate for an initial period of 90 days.
The US will retaining the remaining 10 percent rate on those articles pursuant to the order issued on April 2.
In a press conference held in Geneva Bessent said that reciprocal tariffs would come down by 115 percent, adding that the two governments agreed to implement a set of actions by May 14 including the temporary suspension of certain tariffs and the establishment of a formal consultation mechanism on economic and trade issues.
He added that as part of the agreement the US would modify the application of additional ad valorem tariffs on articles from China including goods originating from the Hong Kong and Macao Special Administrative Regions by suspending 24 percentage points of the duty rate for an initial period of 90 days. Meanwhile, it will retain a ten percent rate on the remaining article in accordance with Executive Order 14157 issued on April second, 2025.
Furthermore, Bessent said that the US would remove the modified additional ad valorem rates imposed under Executive Orders of April 9.
In a reciprocal move he also confirmed that China will adjust its tariffs on US products suspending 20 percentage points of the duty rate for 90 days while retaining a 10 percent rate and will also remove the modified additional tariffs announced from the April second.
He confirmed that both sides have committed to taking all necessary administrative measures to suspend or remove non-tariff countermeasures taken since April second, 2025.
Following the implementation of these steps, a bilateral mechanism will be established to continue discussions on economic and trade relations.
A two-day high-level talk between China and the United States was held in Geneva this weekend.
The Chinese delegation was headed by Vice Premier of the State Council He Lifeng while the US side was represented by Secretary of the Treasury Scott Bessent and US Trade Representative Jamieson Greer. (pickup previous)
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