US-China 90-day tariff truce begins; US Chamber urges further relief
Effective today, the US and China have implemented a 90-day reduction in tariffs on each other's goods. As part of the agreement, the US has reduced additional tariffs on Chinese imports from 145 per cent to 30 per cent, while China has lowered its additional tariffs on US goods from 125 per cent to 10 per cent.
Welcoming the development, John Murphy, senior vice president at the US Chamber of Commerce , stated, 'The US Chamber welcomes news that both China and the US will pull back from embargo-level tariffs and establish a new framework to address ongoing trade relations and disputes. We're also pleased that China will eliminate or pause the non-tariff trade restrictions recently put into place that were creating barriers for American businesses.'
The US and China have initiated a 90-day tariff reduction starting today, with the US cutting additional tariffs on Chinese goods to 30 per cent, and China reducing its additional tariffs on US goods to 10 per cent. The US Chamber of Commerce welcomed the move but urged further tariff relief for small businesses and families, warning that tariffs remain significantly higher than earlier this year.
'While any agreement that reduces tariffs is good news, it is important to note that even with this China agreement, tariffs are much higher overall than they were at the beginning of the year, and many businesses, especially small businesses, are dealing with growing costs and disruptions. We continue to urge the Trump Administration to prioritise tariff relief for businesses and families, and to address foreign trade barriers as it negotiates with other countries,' Murphy added.
The Chamber has also called for tariff exclusions for small businesses, for products not produced in the US, and for companies facing imminent layoffs of American workers as a result of tariffs.
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