GreenergyDaily

May. 12, 2025

1. The US and China will temporarily lower tariffs on each other's products, according to a joint statement, in a move to cool trade tensions and give the world's two largest economies three more months to resolve their differences.

2. The combined 145% US levies on most Chinese imports will be reduced to 30% including the rate tied to fentanyl by May 14, while the 125% Chinese duties on US goods will drop to 10%, according to the statement and officials in a briefing Monday in Geneva.

3. "We are in agreement that neither side wants to decouple," Treasury Secretary Scott Bessent said.

4. The US statement also said "the parties will establish a mechanism to continue discussions about economic and trade relations."

5. Shares in Hong Kong jumped after the U.S. and China agreed to slash tariffs and continue trade negotiations. The benchmark Hang Seng Index rose 3%, while the Hang Seng Tech Index surged 5.2%.