{"id":5537,"date":"2025-05-14T16:20:35","date_gmt":"2025-05-14T11:20:35","guid":{"rendered":"https:\/\/pakjazbo.com\/?p=5537"},"modified":"2025-05-14T16:20:37","modified_gmt":"2025-05-14T11:20:37","slug":"china-us-slash-sweeping-tariffs-in-trade-war-climbdown","status":"publish","type":"post","link":"https:\/\/pakjazbo.com\/?p=5537","title":{"rendered":"China, US slash sweeping tariffs in trade war climbdown"},"content":{"rendered":"\n<ul class=\"wp-block-list\">\n<li><strong>Washington now had blueprint for &#8220;very, very strong&#8221; trade deal with China: Trump<\/strong><\/li>\n\n\n\n<li><strong>Beijing responds with retaliatory levies that brought tariffs on both sides well over 100%.<\/strong><\/li>\n\n\n\n<li><strong>US agree to lower its tariffs on Chinese goods to 30% while China will reduce its own to 10%.<\/strong><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">BEIJING: The United States and China slashed sweeping tariffs on each others&#8217; goods for 90 days on Wednesday, after a temporary ceasefire in a brutal trade war that roiled global markets and international supply chains.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Washington and Beijing agreed to drastically lower skyhigh tariffs in a deal that emerged from pivotal talks at the weekend in Geneva.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">US President Donald Trump said Washington now had the blueprint for a &#8220;very, very strong&#8221; trade deal with China that would see Beijing&#8217;s economy &#8220;open up&#8221; to US businesses, in an interview broadcast Tuesday on<em>&nbsp;Fox News<\/em>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8220;We have the confines of a very, very strong deal with China. But the most exciting part of the deal&#8230;that&#8217;s the opening up of China to US business,&#8221; he told the US broadcaster while aboard Air Force One on the way to the start of his Gulf tour.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8220;One of the things I think that could be most exciting for us and also for China, is that we&#8217;re trying to open up China,&#8221; he added, without elaborating on details.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Trump had upended international commerce with his sweeping tariffs across economies, with China hit hardest.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Unwilling to budge, Beijing had responded with retaliatory levies that brought tariffs on both sides well over 100%.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">After billions were wiped off equities and with businesses ailing, negotiations finally got underway at the weekend in Geneva between the world&#8217;s trade superpowers to find a way out of the impasse.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Under the deal, the United States agreed to lower its tariffs on Chinese goods to 30% while China will reduce its own to 10% \u2014 down by over 100 percentage points.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The reductions came into effect just after midnight Washington time (0401GMT) on Wednesday, a major de-escalation in trade tensions that saw US tariffs on Chinese imports soar to up to 145% and even as high as 245% on some products.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Markets have rallied in the glow of the China-US tariff suspension.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Chinese officials have kept their cards closer to their chests, pitching themselves at a summit in Beijing with Latin American leaders this week as a stable partner and defender of globalisation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8220;There are no winners in tariff wars or trade wars,&#8221; Xi told leaders including Brazil&#8217;s Luiz Inacio Lula da Silva, while his top diplomat Wang Yi swiped at a &#8220;major power&#8221; that believed &#8220;might makes right&#8221;.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">&#8216;Risk of renewed escalation&#8217;<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Deep sources of tension remain, too \u2014 the US additional tariff rate remains higher than China&#8217;s because it includes a 20% levy over Trump&#8217;s complaints about Chinese exports of chemicals used to make fentanyl.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Washington has long accused Beijing of turning a blind eye to the fentanyl trade, something China denies.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And while the US said it sees room for progress on the issue, Beijing on Tuesday warned Washington to &#8220;stop smearing and shifting blame&#8221; onto it.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Analysts also warn that the possibility of tariffs coming back into force after 90 days simply piles on more uncertainty.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8220;Further tariff reductions will be difficult and the risk of renewed escalation persists,&#8221; Yue Su, Principal Economist at&nbsp;<em>The Economist<\/em>&nbsp;Intelligence Unit, told&nbsp;<em>AFP<\/em>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Trump&#8217;s rollercoaster tariff row with Beijing has wreaked havoc on US companies that rely on Chinese manufacturing, with a temporary de-escalation only expected to partially calm the storm.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And Beijing officials have admitted that China&#8217;s economy \u2014 already ailing from a protracted property crisis and sluggish consumer spending \u2014 is likewise being affected by the trade uncertainty.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8220;Both sides have endured a good deal of economic pain and they can still endure a little bit more,&#8221; Dylan Loh, an assistant professor at Singapore&#8217;s Nanyang Technological University, told&nbsp;<em>AFP<\/em>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>BEIJING: The United States and China slashed sweeping tariffs on each others&#8217; goods for 90 days on Wednesday, after a temporary ceasefire in a brutal trade war that roiled global markets and international supply chains. Washington and Beijing agreed to drastically lower skyhigh tariffs in a deal that emerged from pivotal talks at the weekend [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5538,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"pagelayer_contact_templates":[],"_pagelayer_content":"","inline_featured_image":false,"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"facebook_3859443944190656_798604363342440":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[5],"tags":[],"class_list":["post-5537","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-world"],"jetpack_publicize_connections":[],"_links":{"self":[{"href":"https:\/\/pakjazbo.com\/index.php?rest_route=\/wp\/v2\/posts\/5537","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pakjazbo.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pakjazbo.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pakjazbo.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/pakjazbo.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5537"}],"version-history":[{"count":1,"href":"https:\/\/pakjazbo.com\/index.php?rest_route=\/wp\/v2\/posts\/5537\/revisions"}],"predecessor-version":[{"id":5539,"href":"https:\/\/pakjazbo.com\/index.php?rest_route=\/wp\/v2\/posts\/5537\/revisions\/5539"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/pakjazbo.com\/index.php?rest_route=\/wp\/v2\/media\/5538"}],"wp:attachment":[{"href":"https:\/\/pakjazbo.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5537"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pakjazbo.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5537"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pakjazbo.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5537"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}