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Business Standard
12-05-2025
- Business
- Business Standard
US, China declare 90-day tariff pause, agree to mutual reductions
Amid ongoing discussions regarding a trade agreement, the United States and China have jointly declared a 90-day pause on a portion of their existing tariffs, as outlined in a statement released by both countries. In a media address, US Treasury Secretary Scott Bessent said the two countries had agreed not only to a temporary suspension but also to a notable reduction in current tariff levels. According to Bessent, the tariff cuts will be reciprocal, with each side reducing rates by 115 percentage points. During this 90-day window, the US will lower its tariffs on Chinese goods from 145 per cent to 30 per cent. In a similar move, China will bring down tariffs on American imports from 125 per cent to 10 per cent. "We have reached an agreement on a 90-day pause and substantially moved down the tariff levels." He characterised the talks with Chinese officials as productive and emphasised that "both sides showed great respect," Bessent said. US Trade Representative hints at swift trade agreement US Trade Representative Jamieson Greer said, "It's important to understand how quickly we were able to come to agreement, which reflects that perhaps the differences were not so large as far as maybe thought." Greer said one of the Trump administration's main goals is to reduce the trade gap with China, which reached a record $263 billion the previous year. 'We're confident that the deal we struck with our Chinese partners will help us to resolve, work towards resolving that national emergency,' he said. Also Read A joint statement issued by US and China read, "The parties commit to take the following actions by May 14, 2025: The United States will (i) modify the application of the additional ad valorem rate of duty on articles of China (including articles of the Hong Kong Special Administrative Region and the Macau Special Administrative Region) set forth in Executive Order 14257 of April 2, 2025, by suspending 24 percentage points of that rate for an initial period of 90 days, while retaining the remaining ad valorem rate of 10 per cent on those articles pursuant to the terms of said Order..." The statement further said, "China will (i) modify accordingly the application of the additional ad valorem rate of duty on articles of the United States set forth in Announcement of the Customs Tariff Commission of the State Council No. 4 of 2025, by suspending 24 percentage points of that rate for an initial period of 90 days, while retaining the remaining additional ad valorem rate of 10 per cent on those articles, and removing the modified additional ad valorem rates of duty on those articles imposed by Announcement of the Customs Tariff Commission of the State Council No. 5 of 2025 and Announcement of the Customs Tariff Commission of the State Council No. 6 of 2025; and (ii) adopt all necessary administrative measures to suspend or remove the non-tariff countermeasures taken against the United States since April 2, 2025." US-China tariff war Since assuming office in January, Donald Trump has increased tariffs on US imports from China to 145 per cent, building on the levies he had introduced during his previous term and those later implemented by the Biden administration. In response, China imposed restrictions on the export of certain rare earth minerals — crucial for American defence and consumer electronics industries — and raised tariffs on US products to 125 per cent. This escalating trade conflict effectively froze close to $600 billion in bilateral trade, disrupted global supply chains, raised concerns over stagflation, and led to some job losses, Reuters reported.
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Business Standard
12-05-2025
- Business
- Business Standard
US, China agree to bring down reciprocal tariffs by 115% for 90 days
Amid ongoing discussions regarding a trade agreement, the United States and China have jointly declared a 90-day pause on a portion of their existing tariffs, as outlined in a statement released by both countries. US Treasury Secretary Scott Bessent revealed that the two nations had agreed not only to a temporary suspension but also to a notable reduction in current tariff levels. According to Bessent, the tariff cuts will be reciprocal, with each side reducing rates by 115 per cent. During this 90-day window, the US will lower its tariffs on Chinese goods from 145 percent to 30 per cent. In a similar move, China will bring down tariffs on American imports from 125 per cent to 10 per cent. Bessent said, "We have reached an agreement on a 90-day pause and substantially moved down the tariff levels." He characterised the talks with Chinese officials as productive and emphasised that "both sides showed great respect." Greer hints at swift trade agreement US Trade Representative Jamieson Greer said, It's important to understand how quickly we were able to come to agreement, which reflects that perhaps the differences were not so large as far as maybe thought." He said that one of the Trump administration's main goals is to reduce the trade gap with China, which reached a record $263 billion the previous year. 'We're confident that the deal we struck with our Chinese partners will help us to resolve, work towards resolving that national emergency,' Greer said. In a joint statement, the nations said, "The parties commit to take the following actions by May 14, 2025: The United States will (i) modify the application of the additional ad valorem rate of duty on articles of China (including articles of the Hong Kong Special Administrative Region and the Macau Special Administrative Region) set forth in Executive Order 14257 of April 2, 2025, by suspending 24 percentage points of that rate for an initial period of 90 days, while retaining the remaining ad valorem rate of 10 per cent on those articles pursuant to the terms of said Order; and (ii) removing the modified additional ad valorem rates of duty on those articles imposed by Executive Order 14259 of April 8, 2025 and Executive Order 14266 of April 9, 2025." The statement further said, "China will (i) modify accordingly the application of the additional ad valorem rate of duty on articles of the United States set forth in Announcement of the Customs Tariff Commission of the State Council No. 4 of 2025, by suspending 24 percentage points of that rate for an initial period of 90 days, while retaining the remaining additional ad valorem rate of 10 per cent on those articles, and removing the modified additional ad valorem rates of duty on those articles imposed by Announcement of the Customs Tariff Commission of the State Council No. 5 of 2025 and Announcement of the Customs Tariff Commission of the State Council No. 6 of 2025; and (ii) adopt all necessary administrative measures to suspend or remove the non-tariff countermeasures taken against the United States since April 2, 2025." US-China tariff war Since assuming office in January, Donald Trump has increased tariffs on US imports from China to 145 per cent, building on the levies he had introduced during his previous term and those later implemented by the Biden administration. In response, China imposed restrictions on the export of certain rare earth minerals — crucial for American defence and consumer electronics industries — and raised tariffs on US products to 125 per cent. This escalating trade conflict effectively froze close to $600 billion in bilateral trade, disrupted global supply chains, raised concerns over stagflation, and led to some job losses, Reuters reported.
Yahoo
15-04-2025
- Business
- Yahoo
Tencent Music Entertainment Group to Report First Quarter 2025 Financial Results on May 13, 2025
SHENZHEN, China, April 15, 2025 /PRNewswire/ -- Tencent Music Entertainment Group ("TME", or the "Company") (NYSE: TME and HKEX: 1698), the leading online music and audio entertainment platform in China, today announced that it will report its unaudited financial results for the first quarter of 2025 before the U.S. market opens on Tuesday, May 13, 2025. TME's management will host a Tencent Meeting Webinar on Tuesday, May 13, 2025, at 7:00 A.M. Eastern Time or 7:00 P.M. Beijing/Hong Kong Time on Tuesday, May 13, 2025, to review and discuss the Company's business and financial performance. For participants who wish to join the Tencent Meeting Webinar, please complete online registration in advance using the links provided below. Upon registration, each participant will receive an email with webinar access information, including meeting ID, meeting link, dial-in numbers, and a unique attendee ID to join the webinar. Participant Online Registration Chinese Mainland[1]: A live and archived webcast of the webinar will also be available at the Company's investor relations website at [1] Chinese Mainland, for the purpose of this announcement only, excluding the Hong Kong Special Administrative Region, the Macao Special Administrative Region of the People's Republic of China and Taiwan About Tencent Music Entertainment Tencent Music Entertainment Group (NYSE: TME and HKEX: 1698) is the leading online music and audio entertainment platform in China, operating the country's highly popular and innovative music apps: QQ Music, Kugou Music, Kuwo Music and WeSing. TME's mission is to create endless possibilities with music and technology. TME's platform comprises online music, online audio, online karaoke, music-centric live streaming and online concert services, enabling music fans to discover, listen, sing, watch, perform and socialize around music. For more information, please visit Investor Relations ContactTencent Music Entertainment Groupir@ +86 (755) 8601-3388 ext. 818415 View original content: SOURCE Tencent Music Entertainment Group Sign in to access your portfolio
South China Morning Post
16-03-2025
- Business
- South China Morning Post
Hong Kong urged to make Northern Metropolis ‘special zone' to speed up work
Hong Kong authorities should designate the Northern Metropolis as a 'special zone' with a separate approval mechanism to speed up development, the city's sole delegate to the nation's top legislative body has said. Advertisement Starry Lee Wai-king, a member of the National People's Congress Standing Committee, also discussed mounting criticism of CK Hutchison Holdings over its Panama Canal ports sale with key Beijing offices posting scathing commentaries about it, saying businesses should keep the country's interests in mind when making deals. In an interview televised on Sunday, Lee noted the slow pace of construction in the Northern Metropolis, especially the Hong Kong part of a new innovation hub co-developed with Shenzhen in Hetao. 'The Northern Metropolis should become a 'special zone within the Special Administrative Region' and have a special approval process,' said Lee, who recently returned from Beijing after attending the country's key annual political meetings, known as the 'two sessions'. 'For example, it usually takes 10 years to build a railway or three years to complete the bidding. Can we make it happen in one year if needed?' Advertisement The government's Northern Metropolis blueprint aims to transform 30,000 hectares (74,130 acres) in the New Territories into a new economic growth centre and housing hub.
