The U.S and China announced today that they have agreed to suspend the reciprocal tariffs from both countries, and lower them to 10%. All other duties levied against a tariff will remain in place, such as the 20% IEEPA fentanyl tariff, 301 tariffs, Section 232 tariffs, and the normal duty rate.
Both sides have committed to take these actions by May 14, 2025. Currently this is all the information on the subject, and we expect there to be further guidance detailing the start point for the pause, and how the lower tariffs should be applied. We will be sure to send another update as more specific details are published.
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