In a major update from the Chinese mainland, the Customs Tariff Commission of the State Council announced that, effective from 12:01 p.m. Wednesday, May 14, the additional tariffs on products imported from the United States will drop from 34% to 10%. This move is seen as a significant adjustment in trade policies.
Additionally, the commission revealed that the 24% tariff rate on other U.S. goods will be paused for 90 days. This temporary relief could ease costs for consumers and businesses alike, potentially influencing the prices of tech gadgets, lifestyle products, and more. Stay tuned for more updates as these changes ripple through global trade dynamics! 🚀
Reference(s):
cgtn.com
