US-China trade relations ease: Both sides extend tariff reductions for another 90 days.

[Bi推] According to reports, the joint statement from the China-U.S. Stockholm Economic and Trade Talks states: 1. The United States will continue to amend the implementation of the tariff increase on Chinese goods (including goods from the Hong Kong Special Administrative Region and the Macao Special Administrative Region) as specified in Executive Order No. 14257 dated April 2, 2025, and will again suspend the implementation of a 24% tariff for 90 days starting from August 12, 2025, while retaining the remaining 10% tariff imposed on these goods as stipulated in the executive order.

2. China will continue (1) to amend the implementation of the announcement No. 4 of the Tax Commission in 2025 on the additional ad valorem tariffs imposed on American goods, and will again suspend the implementation of the 24% tariff for 90 days starting from August 12, 2025, while retaining the remaining 10% tariff imposed on these goods; and (2) to take or maintain necessary measures to suspend or cancel non-tariff countermeasures against the United States as agreed in the Geneva Joint Statement.